Mumbai: The Cotton Textiles Export Promotion Council (TEXPROCIL) welcomed the Cabinet’s approval of the scheme to provide a rebate in state and central embedded taxes for the Made ups and Apparel sectors.
TEXPROCIL Chairman Dr K.V. Srinivasan 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 do not refund central taxes.
Srinivasan pointed out that exporters of Made-ups, especially home textiles from India, face a 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, he added.
However, the TEXPROCIL Chief 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.
Srinivasan also thanked Prime Minister Narendra Modi and Union Textiles Minister Smriti Zubin Irani for announcing this scheme to rebate state and central taxes which, he said, will lead to an increase in export of textiles and clothing as well as employment generation.
[source_without_link]ANI[/source_without_link]