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CITI welcomes Annual Supplement to the Foreign Trade Policy

12
Apr '08
Confederation of Indian Textile Industry has welcomed several positive policy inputs incorporated in the Annual Supplement to the Foreign Trade Policy 2004-09 announced by Shri Kamal Nath, Minister for Commerce & Industry on 11th April 2008.

In a statement issued here, Shri R.K. Dalmia, Deputy Chairman, CITI has pointed out that the announcement on extension of interest subvention on packing credit by one year and payment of 6% interest on delayed reimbursement of terminal excise duty and Central Sales Tax beyond one month, have addressed two significant demands that CITI has been making for some months.

Shri Dalmia also welcomed the reduction of customs duty payable under EPCG scheme from 5% to 3% and some of the measures announced for 100% EOUs such as extension of income tax exemption to March 2010 and permission of retail sales against payment of only excise duty, subject to certain stipulations.

The formal announcement of extension of DEPB scheme till May 2009 is another welcome feature of the Annual Supplement. Shri Dalmia hoped that refund of service tax on all export related services would get resolved quickly as indicated by the Minister.

While welcoming the statement of the Minister that Government is looking into formulation of a scheme for rebating state level taxes to exporters, Shri Dalmia hoped that this process would get expedited since about 5-6% of FOB value of exports is involved in state level duties in the case of textile products. He also hoped that the enhanced duty credit scrips under Focused Products Scheme would cover textile products.

Confederation of Indian Textile Industry


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