Volume : 4, Issue : 4, April - 2015

CORPORATE TAXATION GROWTH OF TEXTILE INDUSTRY IN INDIA

Mr. D. Murugan, Dr. C. Vethirajan

Abstract :

<p>&nbsp;The Indian textile industry is one of the largest in the world with a massive raw material and textiles manufacturing base.&nbsp;</p> <div>Our economy is largely dependent on the textile manufacturing and trade in addition to other major industries. About&nbsp;</div> <div>27% of the foreign exchange earnings are on account of export of textiles and clothing alone. The textiles and clothing&nbsp;</div> <div>sector contributes about 14% to the industrial production and 3% to the gross domestic product of the country. Around 8% of the total excise&nbsp;</div> <div>revenue collection is contributed by the textile industry. So much so, the textile industry accounts for as large as 21% of the total employment&nbsp;</div> <div>generated in the economy. Around 35 million people are directly employed in the textile manufacturing activities. Indirect employment including&nbsp;</div> <div>the manpower engaged in agricultural based raw&ndash;material production like cotton and related trade and handling could be stated to be around&nbsp;</div> <div>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&nbsp;</div> <div>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&nbsp;</div> <div>revenue collected the government and use the various innovative activities to the nation. This paper has been depicts that corporate taxation&nbsp;</div> <div>growth of Textile Industry in India.</div>