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Maharashtra Budget: Tax exemption, electricity subsidy for textiles to continue

Monday March 26, 2012 11:50:37 PM, ummid.com Staff Reporter

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Mumbai: The textile clusters in Malegaon, Bhiwandi, Ichalkaranji and other places of Maharashtra are expected to benefit from some of the provisions made in the state budget for 2012-13 presented by the Deputy Chief Minister and Finance Minister Ajit Pawar today.

 

While the tax exemption for the textile sector other than those manufacturing furnishing cloth has been declared as continued, the industry is also expected to benefit from the electricity subsidy announced by the finance minister in the budget.

 

"In the last year’s budget of the Central Government, Textiles are removed from Schedule of Additional Excise duty. Following this, some of the States have levied VAT on textiles. However in Maharashtra it was exempted. This year I propose to levy tax at 5 per cent on sales of furnishing cloth at the last point of sales", finance minister Ajit Pawar said in his budget speech.

 

"Maharashtra has a fairly large textile processing industry. Last year, due to changes in Additional Duties of Excise it became taxable. However, I propose to exempt textile processing from tax", he added.

 

While announcing the electricity subsidy for the powerloom sector, he said, "To promote power loom industry in the state, subsidy in electricity bills is given to power loom holders. For this, an outlay of Rupees 500 crore is proposed for the year 2012-13."

 

The finance minister also said, "The State Government has recently announced textile policy. Under the new policy the additional interest subsidies have been proposed for the projects selected under TUFS. This will provide great impetus to the textile industry in the state. For this, an outlay of Rupees 90.83 crore has been proposed for the year 2012-13."

 

 

 





 


 

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