SME Times News Bureau | 12 Mar, 2018
Minister
of State for Textiles, Ajay Tamta, Monday said that the Centre has
taken several steps to improve textile and apparel exports.
In
a written reply in the Rajya Sabha Ajay Tamta said the government
has enhanced rates of Merchandise Exports from India Scheme (MEIS)
from 2 per cent to 4 per cent for apparel and made-ups with effect
from 1st November 2017.
He
added that the government has also revised post-GST rates of Rebate
of State Levies (RoSL) Scheme implemented from 1st October
2017 and exempted IGST on import under Advance Authorization and
Export Promotion Capital Goods Scheme.
The
Minister further said that the Finance Ministry has been requested
for allocation of appropriate funds under RoSL for one time
settlement of exporters’ claim and faster and complete refund of
Input Tax Credit.
In
Reply to another question, the MoS Textiles said major issues raised
by apparel industry include delay in Input Tax Credit (ITC) refunds,
reduction in rates of Rebate for State Levies (RoSL) Scheme,
appreciation of Indian Rupee, high Interest Rate and lack of
Preferential Market Access as compared to competing nations.
He
said, the Government has constituted a Committee on Exports under the
Revenue Secretary of Ministry of Finance for evolving a suitable
strategy for promoting exports post implementation of GST.
