Home / Knowledge / News / Textiles / Move to withdraw tax breaks enrages Indian exporters
Move to withdraw tax breaks enrages Indian exporters
24
May '11
The government's under the pretext that the $250 billion export sector no more requires tax breaks, has decided to end the tax concession that it granted to the Indian exporters. This move of the government has meet harsh criticism from the exporters.

Federal Revenue Secretary, Sunil Mitra said, the Duty Entitlement Pass Book (DEPB) scheme each year causes the government to lose $1.8 billion.

However, industry officials condemned the decision to end the DEPB scheme from June 30, without any alternative arrangement, saying, it would impair export growth.

A senior official of the Confederation of Indian Industry, a trade body which is petitioning against the move, said that, the move is really a distressing one.

The government of Asia's third-largest economy each year repays around Rs. 80 billion to the exporters as refunds of the taxes collected on imported supplies.

Exports from India have recovered strongly from the doldrums of the global economic slowdown, touching $246 billion in fiscal year 2011.

The Trade Minister of India in April stated that, the country expects to register a minimum growth of 25 percent in its exports next year.

The Federation of Indian Export Organizations (FIEO) claimed that, withdrawal of the incentives would hit around 25 percent or $70 billion worth of country's exports.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Pranav Mishra
Huemn

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

Sonam & Paras Modi
SVA

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
January 2017

January 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