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'Announce fibre neutral taxation policy' – CITI
18 Feb '12
4 min read
Export Promotion Capital Goods Scheme (EPCG) is extensively used by the textile sector for modernisation. The government has provided zero duty facility for import of machinery under EPCG scheme.
However, units availing TUFS benefits have been specifically excluded from the zero duty facility under EPCG scheme. TUFS beneficiaries should be treated at par with others in the matter of zero duty EPCG scheme since TUFS has nothing to do with EPCG scheme.
Since a large portion of textile and clothing products get exported, the industry is substantially dependent on international markets for its growth. It has requested that export credit may be made available for all textile products at 7 percent interest.
Levies at the level of state and local bodies amounting to 6 percent which is currently not being refunded to exporters through any scheme may be refunded through duty drawback scheme or any other scheme.
However, units availing TUFS benefits have been specifically excluded from the zero duty facility under EPCG scheme. TUFS beneficiaries should be treated at par with others in the matter of zero duty EPCG scheme since TUFS has nothing to do with EPCG scheme.
Since a large portion of textile and clothing products get exported, the industry is substantially dependent on international markets for its growth. It has requested that export credit may be made available for all textile products at 7 percent interest.
Levies at the level of state and local bodies amounting to 6 percent which is currently not being refunded to exporters through any scheme may be refunded through duty drawback scheme or any other scheme.
Fibre2fashion News Desk - India
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