AEPC demands refund of IGST on apparel machinery import
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 ...
AEPC signs MoU with Tehran to promote bilateral trade
The Dollar Business Bureau The Apparel Export Promotion Council (AEPC), India’s largest export promotion council, signed a memorandum of understanding (MoU) with the Tehran Garment Union (TGU) on Monday, to promote bilateral trade and industrial cooperation in the textile and fashion sectors between the two countries. The MoU was signed at the 57th edition of India International Garment Fair (IIGF) 2016, which is being held from July 18-20, in Pragati Maidan, New Delhi. Ashok G Rajani, Chairman, AEPC and Mohamad Javad Sedghamiz, Vice President, TGU signed the MoU on behalf of Indian and Iranian bodies, respectively. Rajani said that AEPC and TGU would make efforts to promote bilateral trade and industrial cooperation in the textile and fashion sectors, include sharing experiences and knowledge, cooperate to provide ...
5,000 cr investments to flow in apparel industry
The Dollar Business Bureau Apparel Export Promotion Council of India is hoping for Rs.5,000 crore investments to be flown in the apparel industry in current fiscal. The investments may create over two million job opportunities. Terming the recently announced Rs.6,000 crore booster package by government as ‘game changer,’ AEPC Chairman Ashok Rajani stated that the industry may see Rs.5,000 crore capex in near future. The apparel sector hasn’t witnessed any major investments over the years. The additional investment has capacity to give way to two million jobseekers. Ashok Rajani added that the move may almost double the capital subsidy to 25% of investment. Speaking on the target set by the government to create 10 million jobs and earn $30 billion through exports by 2020, Rajani ...
Garment industry needs policy support, incentives to increase exports: AEPC
Himanshu Vatsa | The Dollar Business India’s garment industry needs policy support along with incentives on urgent basis to achieve the annual export target, said Virender Uppal, Chairman of the Apparel Export Promotion Council (AEPC). Expressing concern over the falling growth rate of the country’s garment export from 9.2% in April to 5% in May this year, Uppal said, “Achieving the target of $18.7 billion in 2015-16 would be very ambitious task and difficult to achieve, unless, the recommendations of the AEPC are accepted and implemented.” According to the AEPC chairman, sliding demand in the US and European countries coupled with withdrawal of various incentives and interest subvention scheme by the government in the new foreign trade policy (FTP 2015-19) ...
India-Canada free trade agreement likely to be concluded by March 2016: Official
Source: PTI The proposed free trade agreement between India and Canada, which aims to reduce or eliminate duties on a large number of products traded between the two nations, is likely to be concluded by March next year. "CEPA with Canada is at a very advanced stage. We expect that by December or latest by March it should take shape," a senior official told PTI. The negotiations for the agreement, which is officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), were launched by both the countries in November, 2010 to further boost bilateral trade and investment. The proposed pact seeks to open services sector and facilitating investment proposals. The ninth round of negotiations towards a Canada-India CEPA were held ...
