The budget for fiscal 2003-04, announced on February 28, 2003, has imposed an excise duty of 10% ad valorem on all gray woven fabrics, as well as apparel. Earlier, complete exemption was available to gray fabrics and apparel units having an output of less than Rs 10 million per annum. Small firms areprotesting the new levy vehemently, and even after five weeks since the announcement, protests showed no signs of abating.
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