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India mulls extending RoSCTL to other textile products
India is mulling over extending the Rebate of State and Central Taxes and Levies (RoSCTL) for the garments and made-ups sector to other textile products because of the urgency to do away with the merchandise export incentive scheme (MEIS).
MSP on kharif cotton of 2019-20 season hiked
Giving a major boost to the farmers’ income, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the increase in the Minimum Support Prices (MSPs) for all kharif crops, including cotton, for 2019-20 season.
Nobel laureate sees no recession in sight
Times are good and getting better, economically. Professor Edward Prescott, Nobel laureate in economics (Nobel Memorial Prize in Economic Sciences) who is the co-recipient in 2004, visited Texas Tech University (TTU) recently.
GST Council allows ITC refund to fabrics
The Goods and Services Tax (GST) Council at its 28th meeting held under the chairmanship of Union minister for railways, coal, finance and corporate affairs Piyush Goyal has recommended for allowing refund of input tax credit (ITC) to fabrics. The refund of accumulated ITC shall be with prospective effect on purchases made after notification is issued.
Entire textile chain under tax net now
The Goods and Service Tax (GST) has helped both Centre as well as States to gather data on small manufacturers and consumption, and the entire textile chain is now brought under tax net and segment of land and real estate transactions has also been brought into tax net “works contracts”, Finance Ministry said.
Rieter's order intake grows by 16%
Rieter’s growth in order intake in the Asian countries (excluding China, India and Turkey) was pleasing.
The Rieter Group achieved an order intake of CHF 1 051.5 million in the 2017 financial year. This represents an increase of 16 per cent compared to the previous year (+ CHF 146.3 million). Thus, the upturn seen in the first half of 2017 continued. Sales totaled CHF 965.6 million, up 2 per cent on the previous year (2016: CHF 945.0 million). The full annual financial statements and the 2017 Annual Report will be published by Rieter on March 13, 2018.
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