Pre budget expectations from the upcoming interim budget by Mr. Madhu Sudhan Bhageria, Chairman and MD, Filatex India Ltd

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By Vivek K. Mobile: 09920183006 Email: indianshowbusiness@gmail.com

Mr. Madhu Sudhan Bhageria, Chairman and MD, Filatex India Ltd

Comment from Mr. Madhu Sudhan Bhageria, Chairman and MD, Filatex India Ltd.

On Textile sector:

In the budget, we expect that custom duty on Polyester filament yarn (PFY) and Polyester Staple Fibre (PSF) to be increased from 5 to 10%. When it comes to GST, we have 18% on our raw material and 12% on finished product. Corporate tax is very high, this comes to almost 35% after all surcharges and we expect it to be brought down to 25% as stated by Finance Minister in 2014.

On Individual Tax:

Individual IT slabs should be rationalized to 10 percent for income group of 4 lakh to 8 lakh, 20 percent for income above 8 lakh to 15 lakh and 30 percent for income levels above 15 lakh.

Also, if the government thinks that income up to 8 lakh qualifies for economically backward. Then, it is likely that income up to Rs 8 lakh will be exempted from tax.

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