UNION BUDGET 2022-23 Key Highlights For The Textile Industry www.TextileExcellence.comExcellence BUDGET HIGHLIGHTS 1. No Change in Customs Duty on Raw Cotton. AIDC has also been retained, unlike other items on which it has been removed. The effective rate remains 11%. 2. Duty free imports of Trimmings and Embellishments have been permitted only for bona-fide exporters of Textiles and Leather Garments. 3. At present Textile machinery such as Knitting, Weaving machines are included in the list of machines having Concessional Custom Duty of 5%. All these machines will attract 7.5% import duty w.e.f from 1.4 2023. However, machine viz Card Clothing (HS 84483100) will be removed from the list w.e-f 1.4.2022. 4.lmport duty (including specific duties) on certain Fabric lines have been rationalized. Specific duty on certain Garments items have been removed. 5. GDP growth for FY 22 expected to be 9.2%, the highest for any large economy, 6. 8 million new dwelling in rural, urban areas to be completed under PM Awas yojana. 7. Rs 2 trillion outlay for MSMEs, Additional loans for 13 mn MSMEs. 8. Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for development of the Northeast in FY23. 9. Alternate minimum tax for cooperative societies down from 18.5% to 15%. 10. Surcharge on Corporate tax pruned from 12% to 7% Surcharge on transfer of long-term capital gains tax capped at 15%. 11. Tax exemption to start-ups extended to March 2023 www. TextileExcellence.com Page 2