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2003-3-3 8:50:00
Excise duty on all woven (including cotton) garments and made ups has been reduced from 12% to 10%.
Duty on cotton knitted garments is being reduced to 8% while on other knitted garments duty has been reduced to 10%.
The option to avail of exemption on knitted /crocheted fabrics has been withdrawn.
The following exemption has been withdrawn. These changes will come into effect from 1.4.2003.:
a) Raincoats, undergarments and clothing accessories like handkerchief, ties and gloves. These goods will be covered under SSI exemption.
b) Textile article made from handloom fabrics (SSI exemption will be available)
c) SSI exemption on readymade garments.
d) Blanket of wool and shoddy yarn below certain price.
Garments made by tailors, on job work basis, for personal use of customers and not intended for sale, have been exempted from excise duty.
Job work facility is being extended across the entire textile sector. The job worker will the option of not being under excise registration if the supplier if the fibre, yarn, fabrics undertakes to pay the duty. This would come into effect from 1.4.2003.
Cenvat credit rules, 2002 have been amended to allow credit of AED (GSI) paid for payment of CENVAT duties and special excise duties.
Rope, twine and similar items are being exempted from excise duties.
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