The Federation of Surat Textile Traders Association (FOSTTA) has opposed the fresh circular issued by the Central Excise and Customs department for bringing the saris, salwar suit and dress materials sold under a brand name and having retail prices above Rs 1,000 under the 2 per cent tax net.
FOSTTA had recently announced the formation of a committee headed by the FOSTTA president Manoj Agarwal to garner support from the textile traders and spread awareness on the 2 pre cent excise duty on saris and dress material having retail prices above Rs 1,000.
A meeting of textile traders from all markets was organized on August 1 to decide the next course of action against government decision. FOSTTA has decided to send a memorandum to the Ministry of Finance and the Ministry of Textiles stating that the saris, dress material and other fabrics manufactured in the MMF (man-made fibre) hubs should be kept out of the excise duty net as per chapter 54 of the Excise Duty Act.
