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Businesswire
TEXPROCIL Welcomes Scheme to Rebate State and Central Embedded Taxes to the Textiles Sector
March 11, 2019
Business Wire India
The Cabinet has on March 7, 2019, approved the Scheme to Rebate State and Central Embedded Taxes for the Made ups and Apparel sectors. Welcoming the scheme, Dr. K.V. Srinivasan, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) said, "Rebate of State and Central Taxes will improve the competitiveness of made ups products in the export markets." Presently, the ROSL scheme refunds specified State taxes but does not refund Central taxes.
Dr. Srinivasan pointed out that exporters of made ups especially home textiles from India face huge disadvantage in leading export markets due to high import duties as compared to imports from other competing nations. The Scheme will go a long way in helping the exporters in overcoming this disadvantage and to increase exports, according to the Chairman, TEXPROCIL.
However, Dr. Srinivasan pointed out that State and Central taxes are applicable on Cotton Yarn and Fabrics also as in the case of Made ups and Apparels. He urged the Government to cover Cotton Yarn and fabrics also under the Scheme.
Dr. K.V. Srinivasan extended his thanks to the Hon'ble Prime Minister of India, Shri Narendra Modi and the Hon'ble Union Textiles Minister, Smt Smriti Zubin Irani for announcing this scheme to rebate State and Central taxes which will lead to an increase in exports of textiles & clothing and employment generation.
Source: Businesswire
The Cabinet has on March 7, 2019, approved the Scheme to Rebate State and Central Embedded Taxes for the Made ups and Apparel sectors. Welcoming the scheme, Dr. K.V. Srinivasan, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) said, "Rebate of State and Central Taxes will improve the competitiveness of made ups products in the export markets." Presently, the ROSL scheme refunds specified State taxes but does not refund Central taxes.
Dr. Srinivasan pointed out that exporters of made ups especially home textiles from India face huge disadvantage in leading export markets due to high import duties as compared to imports from other competing nations. The Scheme will go a long way in helping the exporters in overcoming this disadvantage and to increase exports, according to the Chairman, TEXPROCIL.
However, Dr. Srinivasan pointed out that State and Central taxes are applicable on Cotton Yarn and Fabrics also as in the case of Made ups and Apparels. He urged the Government to cover Cotton Yarn and fabrics also under the Scheme.
Dr. K.V. Srinivasan extended his thanks to the Hon'ble Prime Minister of India, Shri Narendra Modi and the Hon'ble Union Textiles Minister, Smt Smriti Zubin Irani for announcing this scheme to rebate State and Central taxes which will lead to an increase in exports of textiles & clothing and employment generation.
Source: Businesswire
