Implementation of Rs 180 billion export incentive package announced by the prime minister will be a boost for the textile industry, said ICCI president Khalid Iqbal Malik in a statement.
For efficient working of the textile industry in the country, ICCI has requested the government for financial support and infrastructure. The textile industry is facing financial crisis due to delay in release of tax refund of around Rs 300 billion from the Federal Board of Revenue (FBR). Implementation of the zero-rating facility will help the exporters from liquidity crisis. Continuity of the zero rated sales tax policy is a boost to export oriented garments, sports goods, surgical and leather industries.
The government should take measures to ease down the cost of doing business for efficient functioning of the textile industry, said Malik. Availability of infrastructure facilities at an affordable rate will boost the textile business. ICCI has asked for reduction in tax duty on gas from Rs 600 per MMBTU to Rs 400 per MMBTU and electricity supply at Rs 7 per unit inclusive of all taxes, levies and surcharges. (RR)
Fibre2Fashion News Desk – India
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