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 ...
Continuous exports growth gives confidence to exporters on easy sailing with GST
The Dollar Business Bureau Federation of Indian Export Organisation (FIEO) on Friday said that the continuous growth in exports gives confidence to the exporters in India on easy sailing with GST. The new regime of Goods and Services Tax (GST), which will subsume most of the indirect taxes, is expected to be rolled out from July 1, 2017. “The exports data for the month of May, 2017 showed yet another consecutive and positive growth depicting the strength and competitiveness of Indian industry,” said Dr A Sakthivel Regional Chairman FIEO Southern Region. India’s exports have surged 8.32% to $24 billion in the month of May, keeping the growth trajectory for straight eight months, according to the latest data released by the Ministry of Commerce. Dr Sakthivel ...
India to ink MoU with Japans QTEC to boost textile exports
The Dollar Business Bureau The Government of India has decided to ink a memorandum of understanding (MoU) with Japan Textile Products Quality and Technology Centre (QTEC) for jointly setting up and encouraging quality compliance activities. The textiles and clothing industry in India is targeting to enhance its exports to Japan, conforming to quality standards of the country’s market, the Ministry of Textiles said in a statement. In this context, it has been decided that a helping hand will be extended to the domestic textile industry for better understanding the quality requirements of Japan, specifically related to textiles and apparels. “It was decided by the Government of India to enter into an MoU with Japan's QTEC through the Textiles Committee, with a view to jointly establish and encourage quality compliance ...
Textile exports fall 4.5% to $26 bn in Apr-Dec
The Dollar Business Bureau India’s textiles exports fell about 4.5% to $26 billion during April- December of 2016-17. "The exports of textiles during 2016-17 (April-December) were $26 billion compared to $27.2 billion during 2015-16 (April-December)," Ajay Tamta, Minister of State for Textiles said on Friday in a written reply to the Rajya Sabha. During April-December 2016-17, the country’s total production of man-made fibre was 1,037 million kg and spun yarn production was 4,254 million kg. Tamta pointed out that the government has taken several initiatives to develop textiles industry. “Several schemes including technology upgradation fund scheme and other schemes for integrated textiles parks will help exports for the industry.” The industry’s 2016-17 growth visions were impacted by the government’s demonetisation drive last year. The industry ...
Mixed impact of rupee fall on textile exports: ICRA
The Dollar Business Bureau Depreciation of the rupee will not have a broader implication on India’s textiles exports but will bring a competitive pressure from China due to devaluation of Chinese currency, according to the Investment Information and Credit Rating Agency of India (ICRA). China’s decision to devalue the Yuan on August 10, 2015, has led to depreciation in the currencies of other apparel exporting countries, including Indonesia and Vietnam. Any fluctuation in their currencies will affect export competitiveness in the market. "As China’s Yuan has depreciated more than the Rupee and given that China enjoys dominant position in international export markets, India will see increased pricing competition which will affect the profitability of Indian exporters," ICRA said in statement. The credit ...
Another promising year awaits Indias textiles exports
Satyapal Menon | The Dollar Business A craftsman uses a handloom to produce rugs in Jodhpur, India Indian history and tradition is woven around the sheer artistry, and pure genius that goes into the creation of intricate and intrinsic cloth patterns conceived by thousands of weavers across the length and breadth of the country. From the mesmerising valleys of Kashmir to the serene shores of Kanyakumari, and, from the dusty and dry habitats on the Deserts of Rajasthan to the freezing terrain of the Himalayan region, India is linked, and, interlinked by a common thread of omnipresent tradition. Many villages and towns across the country reverberate with the pervasive rhythm of looms weaving out exquisite ensemble of textiles. The textile industry ...
