Ref: ES/CIR/35/2024-25 February 1, 2025
To: Members of the Council
Sub: Union Budget- 2025
Dear Sir / Madam,
The Hon’ble Union Finance Minister , Smt Nirmala Sitharaman announced the Union Budget 2025-26 today.
Some of the Salient features of Budget are as follows:
Revision in classification of Criterias for MSMEs
The investment and turnover limits for classifications of all MSME enhanced to 2.5 % and 2 times respectively.
The revised criterias are as follows:
|
Rs. in Crore
|
Investment
|
Turnover
|
|
|
Current
|
Revised
|
Current
|
Revised
|
|
Micro Enterprises
|
1
|
2.5
|
5
|
10
|
|
Small Enterprises
|
10
|
25
|
50
|
100
|
|
Medium Enterprises
|
50
|
125
|
250
|
500
|
Export Promotion Mission
An Export Promotion Mission to be set up with sectoral and ministerial targets driven jointly by Ministries of Commerce, MSMEs and Finance. The objective is to facilitate easy access to export credit, cross border factoring support to MSMEs to tackle Non-Tariff Measures in overseas markets.
Textiles
- Shuttle less loom Rapier looms (below 650 meters per minute) and Shuttle less looms, Air Jet looms (below 1000 meters per minute) for use in textile industry added to the list of Textile Machinery that are fully exempted from duty.
- Basic Customs duty on Knitted fabrics covered under 9 tariff lines revised from “10 % or 20%” to “ 20% or 115 per kg, whichever is higher.
The list of these 9 Tariff Lines are as follows:
|
Commodity
|
Rate of Duties
|
|
|
From (percent
|
To ( Percent)
|
|
Textiles
|
|
|
|
Knitted Fabrics covered under tariff items 60041000,60049000,60062200,60063100,
60063200,60063300,
60063400,
60064200 and 60069000
|
10/20
|
20 or Rs 115 per kg, whichever is higher
|
Trade Facilitation
A time limit of 2 years, extendable by a year, fixed for finalizing the provisional assessment.
We would request you to please go through the Budget announcements carefully and send us your suggestions, if any, on the email Id: chetna@matexil.org.
Assuring you of our best services at all times.
Thanking You
A.Ravi Kumar
Executive Director
