Mumbai, Feb 28 (UNI) Gupta Synthetics Limited, a leading player in the synthetic yarn industry, termed the Union Budget as lackluster and without any special benefits for the synthetic yarn industry.
In fact, several demands of the industry have been ignored, it said.
Sunil Gupta, Director, Gupta Synthetics said,'' The Budget has effected duty cuts on important raw materials like PTA and polyester fibres to 2.5 per cent, from the earlier level of 10 per cent, so this is a positive. However, the excise duty on monoethylene glycol and caprolactum still remain at 12.5 per cent. We expected the Minister to address this anomaly, but it has not happened. There is also a Natural Calamity Tax of 2 per cent, which stll remains.'' This is a very average Budget. We had hoped for some items, but it has not happened. But this will not affect our own expansion plans, and should not dent our margins in any way, Mr Gupta added.
UNI
In fact, several demands of the industry have been ignored, it said.
Sunil Gupta, Director, Gupta Synthetics said,'' The Budget has effected duty cuts on important raw materials like PTA and polyester fibres to 2.5 per cent, from the earlier level of 10 per cent, so this is a positive. However, the excise duty on monoethylene glycol and caprolactum still remain at 12.5 per cent. We expected the Minister to address this anomaly, but it has not happened. There is also a Natural Calamity Tax of 2 per cent, which stll remains.'' This is a very average Budget. We had hoped for some items, but it has not happened. But this will not affect our own expansion plans, and should not dent our margins in any way, Mr Gupta added.
UNI
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