November 17, 2015
Various textile-related associations in Coimbatore have welcomed the government’s decision to revise the duty drawback rates and values caps. Indian Texpreneurs Federation (ITF) secretary, Prabhu Damodaran said that giving importance to Man Made Fibre (MMF) based yarn and fabrics will be a morale-booster to the industry.
P. Nataraj, deputy chairman of the Southern India Mills’ Association (SIMA), thanked the Government for enhancing the drawback rates and value caps for various value-added products such as yarn counts in 100s and above, fabrics with less than 200 grams per sq. m., and the knitted and woven garments.
Natraj pointed out that the revised rate also encouraged the industry to follow the Cenvat route to prepare the industry for the forthcoming new levy GST, and said that when the exports opt for the Cenvat facility, they would get enhanced rates and values.