You would like to read
- TEXPROCIL hails resumption of India-EU trade agreement negotiations
- Texprocil welcomes initiative to pursue limited trade deal with UK
- Saying no to child labour, Indian Textile Industry takes proactive steps
- Extension in period for repayment under ECLGS will help MSMEs - Chairman TEXPROCIL
- Lieutenant Governor of J & K Manoj Sinha virtually announces the launch of the PanIIT Alumni India Global Virtual Technology Summit 2021: PIWOT 2021
Mumbai (Maharashtra) [India], July 16 (ANI/NewsVoir): The Union Cabinet meeting chaired by the Hon'ble Prime Minister, Narendra Modi, on 14th July 2021 has given its approval for the continuation of the RoSCTL (Rebate of State and Central Taxes and Levies) with the same rates as notified by the Ministry of Textiles vide Notification dated March 8, 2019 for Made ups and Garments till March 31, 2024.
The RoSCTL scheme was discontinued with effect from January 1, 2021 after the implementation of the RODTEP scheme.
Welcoming this decision, Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) said, "The extension of the RoSCTL scheme is a huge positive development which will improve the competitiveness of Made ups articles in the export markets and lead to a quantum jump in overall exports and increase employment especially women."
It is a globally accepted principle that taxes and duties should not be exported to enable a level playing field in the international market for the exporters. This implies that all taxes and levies borne on the products which are exported should be either exempted or refunded to the exporters.
In the textile sector, overseas buyers place orders and exporters have to chalk out their activities well in advance and, therefore, it is important that the policy regime regarding export of textile products should be stable. Exporters can now take a long-term perspective while negotiating export orders, according to Patodia.
Exporters are passing through challenging times on account of difficult export market conditions caused by the pandemic and the RoSCTL scheme can help them to overcome the situation substantially, according to Patodia.
Dr. Siddhartha Rajagopal, Executive Director, TEXPROCIL also added, "The extension of the RoSCTL scheme will not only lead to an increase in exports of Cotton textiles manifold but will result in attracting investments in the sector."
Manoj Patodia thanked the Hon'ble Prime Minister, Narendra Modi, Hon'ble Union Finance Minister, Smt Nirmala Sitharaman and the Hon'ble Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal and Smt Darshana Vikram Jardosh, Minister of State for Textiles for extending the RoSCTL scheme.
For more information, please visit: (https://www.texprocil.org).
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
DISCLAIMER
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
