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Textile ministry backs duty exemption on branded garments

Written By Views maker on July 13, 2011 | 7/13/2011

The textile ministry has felt the need for exemption of 10% duty on branded garments which was imposed during this year’s budget. The textile ministry has written to the finance ministry in this. The textile ministry is hoping for exemption in during the next budget.

  According to the Clothing Manufacturers Association of India (CMAI) estimate, in the first quarter of the current fiscal, the organised retailers have taken a hit of around R1,700 crore because of the duty. They have also witnessed an early end of seasonal sales. This could cost them another R2,500 crore. (source: Financial Express)