The Budget has reduced the Basic Customs Duty on caprolactam, nylon chips and nylon fiber & yarn to 5%. This will encourage the growth of the MMF sector especially the MSMEs, according to the Chairman, TEXPROCIL. On the Direct Taxes, the Budget has reduced the time-limit for re-opening of assessment to 3 years from the present 6 year. This is a welcome step and it will remove the uncertainty for the assesses”.
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Wool is a natural animal fiber