Central Government grants relief to Indian Exporters
In a meeting with Textile associations, Union Finance Minister, Piyush Goyal in the presence of Union Textile Minister, Smriti Irani has made an announcement that the government will clear all the pending claims under Goods and Services Tax (GST) and Integrated Goods and Services Tax (IGST) by the end of this month.
The central government will also refund the exporter’s dues under Refund of State Levies (ROSL) scheme by mid-June, Goyal said. The government will also solve the duty drawback recommendations by the Pillai Committee. The issue pertaining to embedded taxes for all the textile products will also be scrutinized, he added.
Ujwal R Lahoti, chairman, The Cotton Textiles Export Promotion Council (Texprocil) said that the Indian Cotton textile exports rose 7 per cent to touch 11 billion US Dollar in the last fiscal and has the potential to touch 20 billion US Dollar in the upcoming five years with government’s support in the form of reimbursement of embedded taxes, ROSL scheme extension and speedy GST and IGST claim refunds.
“There is a need of holistic approach to ensure tax benefits for the segments in the textile value chain. With this, India’s cotton textiles share in the world will increase the trade by 5 per cent, bringing it to 15 per cent, in the next 5 years,” he said.
The Centre will also be reviewing ROSL rates for made-ups. It will also look for alternative export promotion schemes by consulting the ministry of commerce, Ujwal added.
– Apparel and Textile News, Apparel Talk, Indian Apparel