Home / Knowledge / News / Textiles / APTMA Punjab seeks sales tax refunds by September
APTMA Punjab seeks sales tax refunds by September
18
Jul '14
The Punjab regional chapter of the All Pakistan Textile Mills Association (APTMA) has requested Finance Minister Mohammad Ishaq Dar to direct the Federal Board of Revenue (FBR) to start processing the sales tax refund claims of textile mills, and adhere to the September 2014 deadline of liquidating the sales tax refunds pledged by him in his Budget Speech 2014-15.
 
About Pk Rs. 20-25 billion are stuck up with the FBR for more than six years, and an average of Rs. 50 million per textile mill is payable on account of special excise duty, as well as deferred and regular refund claims, APTMA Punjab chairman SM Tanveer said.
 
The large sum is stuck up with the FBR despite the fact that the textile industry is falls under the reduced rate regime.
 
The textile industry in Punjab is facing liquidity as well energy constraints, which is hampering the growth of the export-oriented industry, Mr. Tanveer said. He added that the industry is unable to take full benefit of the duty-free market access provided by the EU under its Generalised System of Preferences Plus (GSP Plus) facility, due to the continuing energy shortage and liquidity crisis.
 
Majority of the textile mills are currently operating on two shifts, and in the prevailing circumstances it would be difficult for the industry to buy cotton, Mr. Tanveer said.
 
He urged the FBR to direct the Regional Tax Offices as well as the Large Taxpayer Units to begin processing the refund claims to meet the September 2014 deadline.
 

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Walmart

Apparel/Garments | On 23rd Mar 2017

Walmart acquires ModCloth

Walmart has acquired the assets and operations of ModCloth, one of...

Textiles | On 23rd Mar 2017

SIMA advises mills to avoid panic buying of cotton

The Southern India Mills' Association (SIMA) is advising mills to...

Apparel/Garments | On 23rd Mar 2017

Tulip Retail, True Fit personalise in-store shopping

Tulip Retail, a mobile application platform built exclusively for...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search