Home / Knowledge / News / Textiles / Textile exporters unhappy over unsettled FBR claims
Textile exporters unhappy over unsettled FBR claims
18
May '11
Exporters of the value-added textile sector are facing massive financial crunch as over Rs. 100 billion is stuck up with the Federal Board of Revenue (FBR) against sales tax and R&D claims, according to Syed Usman Ali, Chairman of Towel Manufacturers Association (TMA).

In addition, billions of rupees remain unpaid by the Government against refunds of duty drawback on local taxes and levies (DLTL).

Moreover, incentives that were granted to textile exporters through the strategic Trade Policy Framework 2009-2012 and subsequent announcement of Textile Policy 2009-14, have not yet been implemented in real spirit.

Only 40 percent of the R&D claims of the exporters for 2007-08 have been settled while the balance payments are pending with the State Bank of Pakistan (SBP). Similarly, under DLTL for 2010-11, exporters have been paid only 14.68 percent of their submitted claims in SBP so far.

Mr. Usman Ali also pointed out that the DLTL notification, which is about to expire on June 30, 2011, needs to be extended up to June 30, 2014. It is because; DLTL is a part of Textile Policy which is valid till 2014.

Further, the Ministry of Textiles is yet to announce the procedure for availing incentives under the scheme of one percent additional increase on 15 percent increase in exports, over preceding year's exports in dollar terms. Due to the delay in notification, exporters are unable to continue availing the 2.5 percent rebate on interest on export refinance.

The incentives were only availed by the exporters during the period from September 1, 2009 to February 28, 2010, as circulars have not been issued thereafter.

The Government also needs to settle sales tax and duty drawback claims as huge amount of exporters' funds are lying pending in sales tax and Customs Collectorate.

The TMA has requested the Ministry of Textiles, Ministry of Finance, SBP and FBR to take the above issues seriously and has pleaded for an early settlement of exporters claims.

Fibre2fashion News Desk - India


Must ReadView All

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Textiles | On 27th Jul 2017

Global yarn production improved 30% q-o-q in Q1: ITMF

In the first quarter of 2017, global yarn production rose by almost...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

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

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X