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The Dollar Business Bureau Apparel exports from India has dropped by 17.78% in the month of March this year to $1.49 billion as compared to $1.81 billion in the same month last year, according to the industry body Apparel Export Promotion Council (AEPC). “India’s apparel exports has shown a decline of 17.78% for the month of March 2018 against the corresponding month of March 2017 as per the latest trade data,” AEPC said in a statement. “The Indian readymade garments (RMG) exports were to the tune of $1.49 billion in March this year against the $1.81 billion, in the corresponding month last year,” the statement said. In rupee terms, exports were Rs.9694.68 crore in the given month as against Rs.11946.37 crore in March 2017, ...

The Dollar Business Bureau India’s apparel production has shown a decline of 10.4%, during the period April-January 2017-18, according to the India Industrial Production (IIP) data released by the Ministry of Statistics and Program Implementation. The production of apparels is witnessing a continuous decline since May 2017, on month-on-month basis. From a positive growth of 1.3% in April last year, the production declined by 5% in the month of May. In June, the decline was 3.2% while in July, it recorded a dip of 5.1%. In the months of August, September, October, November and December, the apparel output recorded a drop of 6.4%, 7.2%, 11%, 13.1% and 13.5%, respectively, as per the IIP figures. Commenting on the decline, HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) ...

The Dollar Business Bureau NITI Aayog CEO Amitabh Kant said on Thursday it is highly important for India to ratify free trade agreement (FTA) with Europe at the earliest as nations such as Vietnam and Bangladesh already have preferential access to EU markets.  “Countries like Bangladesh and Vietnam are having preferential access in European Markets and hence it is extremely important that we get the FTA with Europe ratified at the earliest,” Kant said while speaking at an event organised by Apparel Export Promotion Council (AEPC). The Government think tank’s CEO further said there is immense opportunity for India in the apparel sector as China has started moving out of the sector. “Today, the wages in China are 2-3 times that of India and ...

The Dollar Business Bureau Amid declining exports, apparel exporters body Apparel Exports Promotion Council (AEPC) urged the Government to keep the total duty reimbursements to the apparel sector be retained at pre-GST stage of 7.5% drawback without input tax credits, in addition to 3.5% of RoSL. India’s apparel exports has recorded a decline of 39%, in dollar terms, for the month of October. Overall, there has been a decline of 5.94% in the outbound shipments of apparels, according to the data released by the Government. “AEPC has indicated earlier about the decline in exports in the coming days on account of the issues which have arose after the implementation of GST,” the exporters’ body said in a statement. “In the wake of dwindling apparel exports, ...

The Dollar Business Bureau Exporters body Apparel Export Promotion Council (AEPC) said on Friday that the impact of Goods and Services Tax (GST) is stressful on apparel exporters, especially small and medium businesses, due to higher transaction cost and increase in working capital. “The positive impact of GST is yet to be felt by the garment industry, where input costs have not come down. Overall effect of GST on apparel exporters, especially small and medium exporters is burdensome and stressful due to substantial increase of working capital and higher transaction cost,” said Ashok G Rajani, Chairman, AEPC. “MSMEs have to recruit services of qualified CA’s to be able to manage GST payments and refunds. It has not only impacted the production of apparel ...

The Dollar Business Bureau The slew of measures such as reduction of GST rate on man-made fibres, immediate refund of GST and introduction of e-wallet facility for exporters, taken by the GST Council last week, have been welcomed by the Apparel Export Promotion Council (AEPC). “AEPC welcomes the slew of measures taken by the GST Council under the Chairmanship of Finance Minister Arun Jaitley in its 22nd meeting,” the Exporters’ body said in a statement. AEPC views that these measures will provide immediate relief to the apparel exporters which have been going through a stressful phase due to various factors, global as well as domestic, it added. The measures include reduction in the GST rate from 18% to 12% of man-made items like synthetic filament yarn ...

The Dollar Business Bureau Ahead of the GST Council’s meeting on Friday, Apparel Export Promotion Council (AEPC) have urged the government to address the refund of embedded taxes on exports, including the levies on cotton, electricity, input tax credit restrictions for man-made fibres used in textiles and purchases made from unregistered dealers. The GST Council would take decisions on the IGST refunds at its Friday meeting in New Delhi, Sushil Kumar Modi, its Head of Group of Ministers (GoM) has said on Wednesday.  As per an Industry representation, Middle East, South Asian and African countries have emerged as a significant market for Indian readymade garments and since lot of orders were already booked before the introduction of GST, the curtailment in duty drawback ...

The Dollar Business Bureau Exporters’ body Apparel Export Promotion Council (AEPC) has asked the Ministry of Finance for the refund of Integrated Goods and Service Tax (IGST) paid on the import of machinery used by apparel manufacturer exporters. AEPC, in a letter written to Ministry of Finance, has stated that after the implementation of GST from July 1, 2017, apparel exporters are required to pay IGST up to 18% on assessable value plus basic customs duty (BCD) while clearing shipments of capital goods under the Export Promotion Capital Goods (EPCG) scheme. “The incidence of a very high IGST without any corresponding relaxation for export obligation has rendered the EPCG scheme unattractive,” AEPC said in a statement. In the letter written to GK Pillai, Chairman ...