Import duty on cheap Fabrics will be resolved soon

The government has assured that they are studying the issue regarding the increase of effective duty on imports of cheap fabric, Synthetic and Rayon Textile Export Promotion Council (SRTEPC) chairman, Narain Agarwal in New Delhi recently said.

The Indian finance (acting) Minister Piyush Goyal and Union textile minister Smriti Irani in a meeting with Narain Agarwal have refused to allow input tax credit (ITC) refund to the power loom weaving sector. Both the ministers stated that the accumulation of ITC in other segments which includes textile processing, embroidery and yarn spinning, will be released soon, according to the sources.

The rebate of taxes on fuel which is about 0.66 per cent levied by state government will soon be taken into consideration, he added.

– Apparel and Textile News, Apparel Talk, Indian Apparel