Tirupur Exporters’ Association (TEA) president, A. Sakthivel has said the Service Tax refund for export of Knitwear garments has been increased from 0.18 per cent to 0.21 per cent with effect from February three and is claimed as a percentage of the declared Free On Board (FOB) value of the said goods, on the basis of rates specified in the schedule.
Sakthivel said he has sent a thanks letter to finance minister, Arun Jaitley for the enhancement of service tax return and noted that this positive measure will also help increase the competitiveness of knitwear garment exports.
