The Ministry of Textiles has issued a notification extending the Scheme of Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups (RoSCTL), which was in force up to March 31, 2020.
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Aditya Vazirani, Founder Director, RGL, speaks about the automation systems adopted by the company, and how it has helped the garment and textile business.
India’s textile exports have plateaued during the past five to seven years. The domestic textile and apparel industry, including handicrafts, stood at $140 billion in 2018, of which $40 billion was exported to the world market.
The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.
The textile industry has expressed shock and anguish over the withdrawal of four per cent incentive given under the Merchandise Export Incentive Scheme (MEIS) on made-ups and garments, with retrospective effect from March 7, 2019.
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).
Garment Industries face many global challenges due to various factors including competition, higherproduction costs, less productivity and labour attrition.