Knitwear Club writes to FM, seeks roll back of excise duty

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Ludhiana, August 1, 2012: Knitwear Club, Ludhiana has sent a representation to the Union Finance minister, P. Chidambaram, regarding excise duty.

According to the Club’s chairman Vinod Thapar, president Darshan Dawar, senior vice president Rajinder Bhushan Maini and finance secretary Harish Kairpal, the representation reads; “Regarding Excise Duty hereby we articulate that in the Union budget 2011-12 it has been again implemented on all the products of hosiery and textile industry under a brand name at 10.30%. The introduction of excise duty has widened the harassment and unnecessary burden among the industrialists as our industry is small scale industry and already in financial crisis due to the other taxes at different level. Moreover, it does not lead to much revenue collection for the government.”

They said they had urged upon the union finance minister to consider this issue and roll back the excise duty to protect the industry from vanish.