Govt slashes RoSL rates post-GST to 0.39%, apparel industry not happy with the move
Aamir H Kaki The Government has slashed the rates under the Rebate of State Levies (RoSL) Scheme on export of garments and textile made-up articles to 0.39% from 3.9%, which would impact the industry in a huge way. A notification issued by the CBEC on Thursday said, “The Ministry of Textiles has issued notification (No.14/26/2016-IT) dated June 27, 2017 revising the rates of rebate in Schedules I, II and III for the RoSL Scheme effective from July 1, 2017. The revised rates are 0.39% for RoSL and 0.23% for RoSL under Advance Authorization-All Industry Rates (AA-AIR) combination respectively." “These revised rates on garment and textile made-up exports under RoSL Scheme are applicable to exports with Let Export Order dates from July 1 onwards,” ...
Technology to ease tax processes, reduce compliance responsibilities: Thomson Reuters
Thomson Reuters Global Tax Market Development Lead, Vinay Sethi evaluates the Union Budget 2016-17 presented by the Finance Minister Arun Jaitley. He says the budget is in the right direction however it lacked major changes. Vanita Peter DSouza | The Dollar Business Vinay Sethi , Global Tax Market Development Lead, Thompson Reuters Though the Union Budget lacked any major changes, Finance Minister Arun Jaitley managed to provide some relief to small taxpayers, push growth, mobilise resources and bring some certainty and rationalisation into the tax regime, said Thompson Reuters. Assesses have welcomed tax rebate for small tax players under section 87Aand 80GG while turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act has been increased to Rs.2 crore. ...
