Home / Knowledge / News / Textiles / New textile relief package likely to reduce tariffs

New textile relief package likely to reduce tariffs

24
Feb '07
Ministry of Textile Industry plans to announce a relief package for boosting exports and to raise the sector's global competitiveness. Package will provide subsidy or rebate for textile sector to uphold interests of stakeholders.

Stakeholders are requested to give suggestions for a zero-rated package considering factors which impede textile exports directly or indirectly, so that cost of doing business can be slashed and exports upturned.

Spinners, RMG producers, apparel and hosiery manufacturers, ginners and other stakeholders are facing stiff competition from Chinese, Indian and Bangladeshi products.

It is expected that 0.75-1.25 percent income tax, 0.25 percent Export Development Fund (EDF) and 0.25 percent withholding tax could be eliminated under the zero-rated package.

Stakeholders' proposals will be sent to concerned ministries for evaluation. Ministry of Textile Industry will prepare a summary taking into consideration proposals and ministries' comments, which will be forwarded for approval to the Prime Minister.

Direct or indirect provision of a zero-rated package to the industry could surge exports to US $20 billion in coming three years. Package will be declared by end of current financial year.


Must ReadView All

Pic: Shutterstock

Textiles | On 17th Sep 2021

UK again delays post-Brexit import trade controls

The United Kingdom has again delayed the implementation of some...

Pic: Shutterstock

Retail | On 17th Sep 2021

American retailers oppose business tax rate increases

The National Retail Federation (NRF) has opposed the proposed...

Pic: Shutterstock

Apparel/Garments | On 17th Sep 2021

Bangladesh looking to boost man-made fibre apparel exports: TexPro

Bangladesh is looking to focus on the man-made fibre apparel market...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Ensured payment of fee was least concern for students

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by <b>Aprajita Toor</b> were born out of a deep desire to...

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

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search