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India to remove excise duty on recycled polyester fiber

May 15/2012
(polyestertime) -- The government of India is planning to remove excise duty on recycled polyester fiber soon to provide some relief to the manufacturer of Recycled polyester staple fiber (PSF).

The exemption would be granted only if PSF was recycled from plastic waste, and not plastic. In the Union Budget 2012-13, it is declared that the excise duty rate on recycled PSF be pegged at 10 percent, in line with other textile fibers such as polyester fiber and yarns and its raw material, purified terephthelic acid and mono ethylene glycol. In fact, the Budget preferred to make the said modification with retrospective effect from June 29, 2010. 

According to the proposal, duty in respect of clearances already made to be recovered from the manufacturers of these goods within a month of the date of enactment of the Finance Bill, 2012, or else it would draw an interest penalty of 24 percent. At the same time, the manufacturers are being permitted to take into account credit of duty
paid on inputs, input services and capital goods. 

mrcplast.com
Author:Anna Larionova
Tags:polyether, polyether, tekstil.
Category:General News
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