Corporate Taxation Growth of Textile Industry in India
Journal Title: GJRA-Global Journal For Research Analysis - Year 2015, Vol 4, Issue 4
Abstract
The Indian textile industry is one of the largest in the world with a massive raw material and textiles manufacturing base. Our economy is largely dependent on the textile manufacturing and trade in addition to other major industries. About 27% of the foreign exchange earnings are on account of export of textiles and clothing alone. The textiles and clothing sector contributes about 14% to the industrial production and 3% to the gross domestic product of the country. Around 8% of the total excise revenue collection is contributed by the textile industry. So much so, the textile industry accounts for as large as 21% of the total employment generated in the economy. Around 35 million people are directly employed in the textile manufacturing activities. Indirect employment including the manpower engaged in agricultural based raw-material production like cotton and related trade and handling could be stated to be around another 60 million. Corporate taxes are paid by the companies to the Government of India and it is levied on the income of the corporate. Apart from the corporate tax, they also have to pay other kinds of taxes. Indian textile industries paid the corporate taxes to the government. In this revenue collected the government and use the various innovative activities to the nation. This paper has been depicts that corporate taxation growth of Textile Industry in India.
Authors and Affiliations
Mr. D. MURUGAN, DR. C. VETHIRAJAN
Keywords
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