Search Result for : Textile Exports

The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Tuesday that he believes there are good prospects of exports of Khadi from the country as the world shifting towards natural and eco-friendly products, thus creating a demand for eco-friendly products. “The export prospects of Khadi is rest assured with world moving towards natural and eco-friendly products,” Prabhu said at a round table discussion, organised by Indian Institute of Foreign Trade (IIFT) with support from Khadi and Village Industries Commission (KVIC) and UDAAN SKILL. “More and more people are becoming conscious of responsibility towards the environment and ecology and greater demand is being generated for bio-degradable and eco-friendly products,” he added. The Minister further said that it is for this reason the ...

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 ...

The Dollar Business Bureau The Ministry of Textiles issued a notification on August 1, as a transitional arrangement for the period July-September 2017, exporters of garments and made-ups can claim remission of state levies on rates there prior to the introduction of GST. Under the remission of state levies (RoSL) garments and exporters of made-ups are entitled to claim refunds of the levies paid, from the Central government. Post GST many exporters were demanding that the government retain RoSL under the duty drawback scheme which was announced by the Central Government in 2016 as part of the Rs.6000 crore package, announced by the textile ministry. In a notification on August 1 which reads, ‘In order to support exporters of garments and made-ups, the Government ...

The Dollar Business Bureau Textile industry welcomed the fixing of reasonable rates under the Goods and Services Tax (GST) regime on most of the items and also thanked the Finance Minister Arun Jaitley for quick conclusions on the subject.  Commenting on the GST rates, A Shaktivel, Regional Chairman, Federation of Indian Exporters' Organisation (FIEO)’s Southern Region, said that the lower rates under GST across the products that have high potential of exports will go a long way in encouraging ‘Make in India’. The pharmaceuticals, leather and footwear, food products and textiles received a good deal in new tax regimes, he said in a statement.  On textile sector, Shaktivel said that the decision of lower tax rates under GST for natural fibre, fabrics, made-ups and apparels ...

The Dollar Business Bureau  India's exports surged up almost 20% during April this year, continuing recovery for the eighth straight month, on the back of good performance by petroleum, textiles and engineering sectors. However, the trade deficit also recorded a three-fold rise to $13.2 billion, majorly due to a sharp increase in the imports of gold and crude oil during April. Exports increased by 19.77% to $24.63 billion during the month compared to $20.56 billion during April 2016, as per the data released by the Ministry of Commerce and Industry on Monday. “In continuation with the double-digit growth exhibited by exports during March 2017, exports during April 2017 have shown growth of 19.77% in dollar terms valued at $24.6 billion as compared ...

The Dollar Business Bureau The Indian government will constitute a carpet export panel consisting of textile experts from the textile department and from the Export Promotion Council/Trade to ensure expeditious examination and speedier disbursal of drawback on carpets. The Directorate General of Export Promotion (DGEP) said these experts will complete a market inquiry within fifteen days, failing which export benefits to the exporters should be extended. The government said a post-facto action may be taken in view of results of inquiry and export benefits be held beyond 15 days only with the written approval of the Commissioner. It also underlined that exports will not be stopped. The board “had also provided a list of members of Carpet Export Promotion Council (CEPC) whose assistance can be taken when Customs ...

PTI 2016 turned out to be a mixed bag for textiles, as the government unveiled reforms to impart a thrust to the sector, rolled out innovative campaigns like 'I Wear Handloom', a new Minister at the helm, and a controversy over the appointment of former cricketer Chetan Chauhan as the NIFT chief. However, as the year draws to a close, the much-awaited new National Textiles Policy is yet to see the light of day, with the Textiles Ministry still engaged in consultations with stakeholders chalking out nitty-gritty of its roadmap. The policy aims to achieve USD 300 billion (over Rs 20 lakh crore) worth of textile exports by 2024-25 and create an additional 35 million jobs. The textiles industry is eagerly awaiting the roll ...

The Dollar Business Bureau The introduction of GST regime and merging of taxes under it will help provide a level-playing field for larger textile manufacturers as small or unorganised sector will not be able to use some of the present practices to keep themselves in competition, said an industry official on Monday. “The introduction of GST may not have any negative or positive impact for the textile industry in general. However, the consolidation of taxes will help create a level-playing field for the bigger textile manufacturers as smaller or unorganised sector will not be able to use some of the current practices to keep themselves competitive,” Rahul A Patel, Group MD, Sintex Industries told journalists on the sidelines of India ITME 2016 in Mumbai. Sintex, ...