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TEA hails decision to enhance Service tax refund
Feb '16
The Tirupur Exporters Association (TEA) has thanked Finance Minister Arun Jaitley for the enhancement of service tax for the textile industry.

In a press release, TEA President A Sakthivel said that this positive measure would also help to increase the competitiveness of knitwear garment exports.

The service tax refund for export of knitwear garments was increased from 0.18 per cent to 0.21per cent with effect from February3, 2016 and is claimed as a percentage of the declared Free On Board (FOB) value of the said goods, on the basis of rates specified in the schedule.

Sakthivel pointed out that as the rate of Service Tax was increased from 12.36 per cent to 14 per cent in last Union Budget and then raised again to 14.5 per cent on November 2015. The TEA had repeatedly asked for increasing the refund of Service Tax from 0.18 per cent to 0.5 per cent in all its memoranda.

The plea was also made in the Association's pre-Budget Memorandum and separate representations to the Commerce Minister, Textiles minister and the Prime Minister, Sakthivel said in the release. (SH)

Fibre2Fashion News Desk – India

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