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).
Browsing: textile tax
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.
Indian textiles and clothing exports has been struggling during the last three years due to the absence of level playing field in the global market mainly because of high tariff rates in major markets and also non-refund of several taxes and levies.
The GST council has reduced the tax rate on job work on all textile-related items to five per cent from 18 per cent to ensure that the labour-intensive sector is not adversely impacted under the new tax regime.
The Government has ruled out relief to the textile industry, which has sought abolition of the 5 per cent GST imposed on fabrics.
M Senthilkumar, Chairman, The Southern India Mills’ Association (SIMA) has welcomed GST era for the textile industry and highly appreciated the NDA Government especially the Union Textile Minister, Smriti Irani
The six-nation East African Community (EAC) comprising Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda have agreed to a three-year tax waiver of duties and value-added tax (VAT) on textile raw materials, fabrics and accessories that are not available locally.