TEA pleads for refund of accumulated ITC for job working units | Covaipost
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18 Aug 2018, Edition - 1131, Saturday

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Coimbatore

TEA pleads for refund of accumulated ITC for job working units

Covai Post Network

Image credit : Illustrative Image

TIrupur Exporters’ Association (TEA) on Wednesday appealed to Union Finance Minister Arun Jaitley to address the issues like exemption from payment of IGST on imported apparel accessories, Expeditious release of refunds due to exporters.

In a pre-budget consultation meeting with Jaitley in Delhi, TEA President, Raja M Shanmugham also appealed for refund of accumulated ITC for job working units, Permanent deletion of Reverse Charge Mechanism under Section 9 (4), Fund allocation for Governmental Schemes like ATUFS (Amended Technology Upgradation Fund Scheme), ROSL( Rebate on State Levies) and Increase in fund allocation for Market Access Initiative Scheme.

In a memorandum, TEA also appealed for increase of Duty Drawback Rate to cover Blocked Central Taxes, Interest Equalization Scheme, Increase Investment Limit for MSMEs, upskilling to knitwear garment workers, formation of Knitwear Board and functioning in Tirupur, Labour Law amendment, Incentive for job creation and reduction of GST for Effluent Treatment carried out by CETPs from 18 to 5 per cent

Expressing confidence, Raja M Shanmugham said that Minister would address the issues stunting the growth of knitwear garment sector, in the forthcoming Union Budget 2018-19.
He also said that he attended the meeting called by A.K.Singh, Secretary, Ministry of Textiles and submitted the Pre Budget Memorandum, with additional points like requirement of Industry Infrastructure, State of the Art Design Studio, Knitwear Research Centre and Labour Housing and Hostels and to take up the matter and to with the minister.

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