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13 Apr 2024, Edition - 3196, Saturday

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Finance, Textile Ministers take joint initiative to solve textile industry problems

Covai Post Network


COIMBATORE: Union Finance and Textile Ministers have indicated to the textile industry to clear all the Government dues such as rebate on state levies (RoSL) and IGST soon. The Government would allocate necessary funds within 15 days on a priority basis.

The indication was given by Finance Minister Piyush Goyal and Textile Minister Smriti Irani during a detailed deliberation on a one-to-one basis with the Export Promotion Councils (EPCs) and Southern India Mills’ Association (SIMA) and took major decisions to address the issues affecting the performance of the textile industry.

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The Ministers had expressed concern over migration of investment to countries such as Ethiopia and indicated taking necessary steps to create a level playing field and also take necessary safeguard measures to prevent cheaper imports, SIMA Chairman P. Nataraj said in a release on Wednesday.

They had also indicated mandating the duty drawback committee immediately to recommend enhanced duty drawback rates and RoSL fully taking account of embedded taxes and state levies that are not subsumed under GST. Besides, the Ministers indicated taking immediate decision on the rates of blocked/embedded central taxes and would also to recommend all the major textile manufacturing states to consider refunding the state levies through RoSL.

They advised the industry associations and export promotion councils to take-up the matter directly with the respective State Governments in their regions.

Stating that it was assured to work out alternate schemes/benefits in lieu of certain non-WTO compatible benefits like MEIS (Merchandise Export from India Scheme) and EPCG (Export Promotion Capital Goods), Nataraj said that the government would advice EXIM Bank to work out a special scheme for reducing the interest rate burden on exports instead of increasing the Interest Equalisation Scheme benefits.

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