Tirupur exporters seek changes in Foreign Trade Policy
24 Feb '07
1 min read
CHENNAI:
Tirupur Exporters are seeking amendments and changes in Foreign Trade Policy (2004-09) to facilitate higher exports.
The company's knitwear exports are expected to reach Rs11,000 crore by end of March 2007.
Tirupur Exporters Association (TEA) President A Sakthivel has submitted a memorandum to Union Commerce Minister Kamal Nath requesting him to remove 2 percent education cess, and 4 percent countervailing duty on capital goods when amendments to long term trade policy is undertaken.
Garment exporters must be exempted from payment of fringe benefit tax on sales promotion expenses as the service tax of 12.24 percent has to be added to product value making it costlier and uncompetitive in global market, he adds.
Another major demand is to raise the duty drawback rate to 9 percent from the present 7 percent for cotton knitted garments.
Government is working out an alternative scheme in place of Duty Entitlement Passbook Scheme (DEPB) scheme, said President of TEA.
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