RoSL on garments exports to continue at pre-GST rates for 3 months
The Dollar Business Bureau The Finance Ministry on Wednesday notified the continuation of pre-GST rates of Rebate of State Levies (RoSL) on the export of garments and textile made-up articles for the transition period of three months after the implementation of the new tax regime. “It is to bring to your notice that Ministry of Textiles has issued notification no. 12020/3/2016-IT (Pt.) dated July 31, 2017 restoring the pre-GST RoSL rates that were revised downwards with effect from July 1, 2017. This has been made effective for a transition period of three months i.e. July 1 to September 30, Central Board of Excise and Customs (CBEC) in its circular (no.34/2017-CUS). Earlier, post-GST, the CBEC in a notification (no.14/26/2016-IT) dated June 27, had revised ...
FIEO asks for reduced GST rates for job-work in garment making
The Dollar Business Bureau In an open letter to the Finance Minister Arun Jaitley, A. Sakthivel, Regional Chairman, Southern Region, Federation of Indian Export Organisations (FIEO) today made an appeal that, ‘there are a number of activities, which are undertaken by the job-workers in the garment making industry which have been left out of the GST rate of 5%!’ In its recent meeting held on June 11, the GST Council had provided a major relief to the textiles and apparels manufacturers by announcing a sharp reduction in GST rates on certain merchant services from 18% to 5%. Industry leaders had welcomed the move saying that the massive reduction would help job workers to survive and compete with those in the captive manufacturing ...
Irani provides a major boost to the NE sericulture industry
The Dollar Business Bureau Beginning January 29, 2017, a two-day Investors’ summit themed “Exploring Opportunities in North East Region” has been organised by the Minister of Development of North Eastern Region (DoNER) and the Ministry of Textiles in Shillong. The event focusses on the Textile Industry and its associated sectors. On the first day of the summit, Rs.1040 crore was allocated for textile based projects like handicrafts, sericulture, handloom, apparel and garments by the Minister of Textiles, Smriti Irani. North Eastern Textile Industry received Rs.820 crore for sericulture related projects from the Ministry. Speaking to the media, the minister said sericulture related projects in the region would provide employment opportunities to many. The Minister also stated that around four lakh people mostly women would ...
Exports rise 4.62% to $ 22.88 bn in Sept, imports fall 2.54%
The Dollar Business Bureau Merchandise exports have shown a sign of recovery, registering a year-on-year increase of 4.62 percent during September 2016 to $22.88 billion, after consecutively declining during the past two months. In the month of August 2016, exports of goods declined by 0.3 percent to $21.51 billion. The growth in exports is due to a substantial increase in the shipments of engineering goods, gems & jewellery, garments & textiles, handicrafts and fruits & vegetables. During the month of September, exports of gems & jewellery witnessed a growth of 23.39 percent, engineering goods (7.35 percent), garments & textiles (13.5 percent), handicrafts (24.68 percent) and fruits & vegetables (12.57 percent). In September, the imports fell by 2.54 percent to $31.22 billion compared to the ...
Indias apparel exports to double in five years
Himanshu Vatsa | The Dollar Business India’s apparel export is likely to meet its target of $18 billion during the current financial year and expected to be double in the next five years, say industry experts. According to the government data, the export of clothing and apparel items reached $16.8 billion last year, registering 12% growth year-on-year. Clothing Manufacturing Association of India (CMAI) has estimated that the industry will be able to achieve its export target of $18 billion this year. Indian exporters face tough competition from China, Bangladesh, Vietnam and other countries having cheaper manpower. But experts say that increasing labour costs in these countries will favour Indian exporters in the coming years. Exporters also hope to earn better profit due ...
