Home / Knowledge / News / Textiles / Refunds & rebates outstrip taxes paid by textile sector

Refunds & rebates outstrip taxes paid by textile sector

03
Jul '09
The Federal Board of Revenue (FBR) has come out with a scathing indictment of the textile sector, which states, that the sector which generates nearly 60 percent of all export revenues, is a recipient of a big amount of refunds from the government.

The 'Third Quarterly Review done by the FBR contains a report on the tax contribution from the textile sector and states that the FBR is paying huge amounts of refunds and rebates, including a provision of zero-rating on sales tax.

But this they aver has not provided the desired results. The reports adds that tax collection from the sector is in negative territory, since the receipts are less than the refunds and rebates that the sector enjoys, due to its exalted status.

Providing statistics, the report reveals that, the extent of negative collection was Rs 25.9 billion in 2004-05, which to Rs 1.1 billion in 2007-08. However, provisional figures up to March 2008-09 point out that the negative collection has again jumped to Rs 5.5 billion.

The net revenue loss will be much higher if the refunds claimed under the head of income tax are included and FBR has suggested setting up a committee which would include stake holders and government officials to resolve issues of non-compliance.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

E-commerce | On 18th Aug 2019

E-commerce sales grow faster in rural China in H1

Rural China saw faster growth in e-commerce sales compared to urban...

Pic: Steve Madden

Apparel/Garments | On 18th Aug 2019

Steve Madden acquires Italian footwear brand Greats

Steve Madden, a designer and marketer of fashion footwear and...

Pic: Shutterstock

Retail | On 18th Aug 2019

For every US retailer closing stores, 5 are opening: IHL

More than five retail chains are opening stores for every retailer...

Interviews View All

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

C. Dhandayuthapani, Mag Solvics Pvt. Ltd

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Krishnanand Tripathi, Textrade International Ltd

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Jason Remnant,

Jason Remnant

<div>Xaar plc develops digital inkjet technology; it designs and...

Jash Choraria,

Jash Choraria

Established in 2015 by <b>Jash Choraria</b>, Unifynd is a Mumbai-based...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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


August 2019

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

news category


Related Categories:

Advanced Search