By Vivek K. Mobile: 09920183006 Email: email@example.com
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.