India : Centre Taking Steps to Promote Textiles and Apparel Exports: Mos Textiles.
The Central Government has taken several steps to improve textile and apparel exports. It has enhanced rates of Merchandise Exports from India Scheme (MEIS) from 2 per cent to 4 per cent for apparel and made-ups with effect from 1st November 2017. This information was given by the Minister of State for Textiles, Ajay Tamta in a written reply in the Rajya Sabha today. He said, the government has also revised post-GST rates of Rebate of State Levies (RoSL) Scheme implemented from 1st October 2017 and exempted IGST on import under Advance Authorization and Export Promotion Capital Goods Scheme. The Minister further said that the Finance Ministry has been requested for allocation of appropriate funds under RoSL for one time settlement of exporters claim and faster and complete refund of Input Tax Credit.
In Reply to another question, the MoS Textiles said major issues raised by apparel industry include delay in Input Tax Credit (ITC) refunds, reduction in rates of Rebate for State Levies (RoSL) Scheme, appreciation of Indian Rupee, high Interest Rate and lack of Preferential Market Access as compared to competing nations. He said, the Government has constituted a Committee on Exports under the Revenue Secretary of Ministry of Finance for evolving a suitable strategy for promoting exports post implementation of GST.
[c] 2018 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Mar 13, 2018|
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