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TEXPROCIL urges Indian govt to address embedded levies
02 Oct '17
1 min read
Cotton Textiles Export Promotion Council (TEXPROCIL) chairman Ujwal Lahoti has urged the government to address the issue of embedded central and state levies, which have not been subsumed under the goods and services tax (GST) regime and add to exporters’ costs even after refunds are claimed. He was addressing the council’s annual general meeting in Mumbai.
The inordinate delay in the refund of GST on exports and bond or letter of undertaking (LUT) for merchant exporters needs to be addressed, a TEXPROCIL press release said quoting Lahoti. Trade is now witnessing a paradigm shift from an ‘exemption regime’ to a ‘refund regime’ in claiming export benefits, thereby leading to working capital and liquidity crunch, he added.
He also urged the government to expedite the free trade agreement with the European Union (EU) as exporters face stiff competition from countries that have preferential duties with the EU and are losing market share to them. (DS)
The inordinate delay in the refund of GST on exports and bond or letter of undertaking (LUT) for merchant exporters needs to be addressed, a TEXPROCIL press release said quoting Lahoti. Trade is now witnessing a paradigm shift from an ‘exemption regime’ to a ‘refund regime’ in claiming export benefits, thereby leading to working capital and liquidity crunch, he added.
He also urged the government to expedite the free trade agreement with the European Union (EU) as exporters face stiff competition from countries that have preferential duties with the EU and are losing market share to them. (DS)
Fibre2Fashion News Desk – India
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