: Govt notifies extension of export rebate for textile exporters #finance #StockMarketNEWS Govt notifies extension of export rebate for textile exporters New Delhi, Aug 14 (KNN) The Ministry of

Govt notifies extension of export rebate for textile exporters #finance #StockMarketNEWS
Govt notifies extension of export rebate for textile exporters New Delhi, Aug 14 (KNN) The Ministry of Textiles has notified the continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for export of garments and made-ups to enhance competitiveness of these sectors.

According to the notification, the garment exporters will continue to get a rebate on central and state taxes on their outward shipments till March 2024.

A mechanism for such revision shall be decided separately by the Ministry of Textiles and Ministry of Finance. However, eligibility criteria under RoSCTL shall remain unchanged.

The other textiles products (excluding Chapter 61,62 and 63) which are not covered under the RoSCTL shall be eligible to avail the benefits, if any, under RoDTEP along with other products, as to be finalised by Department of Commerce from the dates which may be notified in this regard, it added.

The Scheme shall be implemented by the Department of Revenue with end-to-end digitization for issuance of transferable Duty Credit Scrip, which will be maintained in an electronic ledger in the Customs system. Duty Credit Scrip under RoSCTL Scheme shall be issued without insisting on realization of export proceeds.

It further said that the continuation of RoSCTL for Apparel/Garments and Made-ups will make these products globally competitive by rebating all embedded taxes/levies which are currently not being rebated under any other mechanism.

It will ensure a stable and predictable policy regime and provide a level playing field to Indian textiles exporters. Further, it will promote startups and entrepreneurs to export and ensure creation of lakhs of jobs, it added.

Welcoming wholeheartedly the announcement of RoSCTL support for apparel & made-ups sectors, Dr A Sakthivel, President, FIEO said that this timely announcement, coming at a time when we are seeing buoyancy in exports and increasing flow of export orders, would add further competitiveness to exports of garments and made-ups from India.

He thanked the Prime Minister, Commerce & Industry Minister and the finance minister for helping the textile exporters with the RoSCTL support during the current challenging time.

This will help our exporters to effectively compete with countries such as Bangladesh, Vietnam, Myanmar, Cambodia, Sri Lanka, etc., opined Dr Sakthivel.