Textile mills attempting for cut in hank yarn obligation

Related Keywords: cone yarn and hank yarn attract uniform 5 % tax, Handloom fabric production, handlooms declined by 41 %, Indian Texpreneurs Federation, seeking reduction of hank yarn obligation, Textile mills, yarn productio Goods and Services Tax

Coimbatore
Summary: 
The association said that the mills are unable to market the hank yarn as the demand has reduced over the years. But, they might face action for not meeting the hank yarn obligation as hank yarn is covered under Essential Commodities Act. The Ministry should hence reduce the hank yarn obligation to 10 % from the current 40 %. In the letter to the minister from the association and its members, the mills pointed out that between 1987-1988 and 2009-2010, the number of handlooms declined by 41 % (from 36.10 lakh looms to 21.47 lakh).

The association said that the mills are unable to market the hank yarn as the demand has reduced over the years. But, they might face action for not meeting the hank yarn obligation as hank yarn is covered under Essential Commodities Act. The Ministry should hence reduce the hank yarn obligation to 10 % from the current 40 %. In the letter to the minister from the association and its members, the mills pointed out that between 1987-1988 and 2009-2010, the number of handlooms declined by 41 % (from 36.10 lakh looms to 21.47 lakh).

http://www.thehindu.com/news/cities/Coimbatore/textile-mills-seek-reduction-of-hank-yarn-obligation/article23678352.ece
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