Govt extends RoSCTL till Mar 2024; Industry hails the decision

Govt extends RoSCTL till Mar 2024; Industry hails the decision

The Union Cabinet, chaired by the Prime Minister, on July 14, 2021, gave its approval for continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme with the same rates till March 31, 2024 for the exports of apparel garments and made-ups.

The Union Cabinet, chaired by the Prime Minister, on July 14, 2021, gave its approval for continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme with the same rates till March 31, 2024 for the exports of apparel garments and made-ups. 
Thanking Prime Minister Narendra Modi and Union Textiles Minister Piyush Goyal for their continued support to the industry, including the textile sector, ASSOCHAM President, Vineet Agarwal, said, “We have long advocated rebates of taxes and duties embedded in the system on exports. The RoSCTL scheme would give our textile industry a level playing field, competing with our neighbouring countries which enjoy duty-free access to the all-important European market.” 
ASSOCHAM past-President and Chairman of a well-diversified Welspun Group, B K Goenka, said, “The important initiative of RoSCTL would go a long way in establishing India as one the most competitive and reliable sources for textile products and generate employment right across the value chain. The textile exports are an important contributor to India’s foreign exchange reserves. Besides, the industry is inter-twined well with the cotton growers and the entire farm sector.”  
The Southern India Mills’ Association (SIMA) has also welcomed the decision of the Union Government to extend the RoSCTL scheme for further three years. Ashwin Chandran, Chairman, SIMA, said, “The industry had been struggling with the stagnated exports of garments and made-ups for more than four years, started getting good market opportunities in the post-COVID period. The industry could not make commitments and materialise the orders in the absence of RoSCTL benefit and has been facing stress during the last couple of months. The announcement (of extension of RoSCTL) has now given enough confidence and level playing field to increase the exports and create new jobs for several lakhs of people.”  
SIMA Chairman has also welcomed the decision of the Cabinet Committee to cover all the remaining textile products in the value chain in the RoDTEP scheme that would enhance the global competitiveness of yarns and fabrics. He has hoped that the rates would be announced soon for all the remaining products that are not covered under RoSCTL
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