The Federation of Textile Machinery Manufacturers of India (TMMA) recommends that the consumption tax on all textile machinery, all parts, components and accessories should be 8% rather than 10%. Imports of used textile machinery should not be duty-free.
Among its numerous budget proposals, the Textile Machinery Manufacturers Association recommends that imports of parts and accessories for shuttleless loom, compact ring spinning machines and winders (currently not yet produced in India) should be zero-tariffed. It aims to promote high-tech machinery manufacturing and bridge the technological gap.
The Textile Machinery Manufacturers Association also suggested to the Minister of Finance that the minimum tariff for all textile machinery should be 7.5%, and the tax rate for raw materials, spare parts, components and parts should be lower than the machine tax rate, which should be 5% instead of 7.5%.
The association also hopes that the domestic textile machinery supply under the Export Capital Goods (EPCG) and Directed Export Parts Incentive Scheme (EOU) should enjoy a 200% weighted R&D deduction. All companies and partnerships/proprietary units are Should enjoy this treatment.
Duty-free imports of used textile machinery should be prohibited, or import restrictions should be imposed. The minimum life span of used machinery should be set at 10 years, and additional conditions must be added, ie the use time of used machinery should not exceed 5 years.
Imported second-hand textile machinery should not benefit from the TUFS subsidy, as well as derivative products of the program, namely 20% CLCS subsidies and 15% CLCS program subsidies. The time for technological change is 3-5 years. Therefore, the government should keep pace with the times.
The government should ban the import of second-hand shuttleless looms (with a weft insertion rate of less than 700 meters per minute). Any unit that produces high-tech textile machinery or produces machinery that does not have foreign cooperation should be given a five-year tax holiday.
The Textile Machinery Manufacturers Association (TMMA) also proposes to launch a technical reform fund program specifically for the Indian textile machinery industry. In the twelfth five-year plan, the fund should have an interest subsidy of Rs. 250 crore, and similar principles should be formulated in accordance with the existing technical reform fund plan.
The expansion and renewal of existing textile machinery manufacturing companies and the procurement of know-how from overseas countries should all benefit from the technical reform fund program.
In addition to interest subsidies, industries with weak industry segments or non-existent industries (rotor spinning, automatic winder, weaving, processing, and knitting industrial sewing equipment) are eligible for a 10% funding subsidy.
Among its numerous budget proposals, the Textile Machinery Manufacturers Association recommends that imports of parts and accessories for shuttleless loom, compact ring spinning machines and winders (currently not yet produced in India) should be zero-tariffed. It aims to promote high-tech machinery manufacturing and bridge the technological gap.
The Textile Machinery Manufacturers Association also suggested to the Minister of Finance that the minimum tariff for all textile machinery should be 7.5%, and the tax rate for raw materials, spare parts, components and parts should be lower than the machine tax rate, which should be 5% instead of 7.5%.
The association also hopes that the domestic textile machinery supply under the Export Capital Goods (EPCG) and Directed Export Parts Incentive Scheme (EOU) should enjoy a 200% weighted R&D deduction. All companies and partnerships/proprietary units are Should enjoy this treatment.
Duty-free imports of used textile machinery should be prohibited, or import restrictions should be imposed. The minimum life span of used machinery should be set at 10 years, and additional conditions must be added, ie the use time of used machinery should not exceed 5 years.
Imported second-hand textile machinery should not benefit from the TUFS subsidy, as well as derivative products of the program, namely 20% CLCS subsidies and 15% CLCS program subsidies. The time for technological change is 3-5 years. Therefore, the government should keep pace with the times.
The government should ban the import of second-hand shuttleless looms (with a weft insertion rate of less than 700 meters per minute). Any unit that produces high-tech textile machinery or produces machinery that does not have foreign cooperation should be given a five-year tax holiday.
The Textile Machinery Manufacturers Association (TMMA) also proposes to launch a technical reform fund program specifically for the Indian textile machinery industry. In the twelfth five-year plan, the fund should have an interest subsidy of Rs. 250 crore, and similar principles should be formulated in accordance with the existing technical reform fund plan.
The expansion and renewal of existing textile machinery manufacturing companies and the procurement of know-how from overseas countries should all benefit from the technical reform fund program.
In addition to interest subsidies, industries with weak industry segments or non-existent industries (rotor spinning, automatic winder, weaving, processing, and knitting industrial sewing equipment) are eligible for a 10% funding subsidy.
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