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Budget 2015: Reduced excise duty in footwear industry to increase competitiveness

Tags: Budget, footwear, Liberty Footwear, Woodland, GST, tax

March 02, 2015 | COMMENTS ( 0 )

Budget 2015: Reduced excise duty in footwear industry to increase competitiveness

The Budget proposal to minimise the excise duty on footwear with leather uppers is likely to give a boost in the domestic leather footwear industry.

"The footwear industry is particularly bullish, as shoes having MRP of above Rs 1,000 per pair will now attract half the excise duty by halving the duty from 12 to 6 per cent," said, Liberty Footwear Chief Executive Adesh Gupta.

"It would also help provide a level-playing field for the organised sector and would result in integration of unorganised sector into organised sector," he added.

Speaking on the same lines, Woodland, MD, Harkirat Singh, said, "We were expecting total removal of excise duty, but the budget has only halved it. Still it will be beneficial to leather manufacturers and many other brands in the footwear industry."

From April 2016, the implementation of GST is likely to take place as announced by the FM Arun Jaitly. Harkirat Singh welcomed this move and said that this will definitely rejuvenate the retail industry.

This initiative would play an important role by increasing buoyancy and reducing the cascading effect of tax. GST would play a transformative role and bring about revolution in the economy.

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