India and Oman have annual trade of less than $13 billion, but the relationship is important for New Delhi as the Gulf nation is a gateway to the narrow Strait of Hormuz between Oman and Iran
The corporate tax for the non-listed garment companies was increased to 15 percent from the existing 12 percent. Listed companies will have to pay 12.5 percent from the present 12 percent.
Green factory owners will have to pay 12 percent from the current 10 percent.
However, the finance minister has proposed duty exemptions on raw materials like flax fibre and flax tow imports for the fully export-oriented textile industry.