Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Assocham seeks interest equalisation in yarn exports

Author: IANS/Tuesday, December 26, 2017/Categories: Economy

Assocham seeks interest equalisation in yarn exports

New Delhi, Dec 26 - Assocham on Tuesday urged the government to provide interest equalisation of 3% in respect of yarn exports in the budget for 2018-19, with a view to boost yarn exports and ensure that domestic product can compete in global markets.

As part of its pre-budget recommendations on indirect taxes submitted to the Centre, the industry lobby also requested that 2% of the benefits of the Merchandise Exports from India Scheme (MEIS) be extended to the spinning sector as the recent spike in raw material and other input costs have made the industry's survival difficult.

On the Technology Upgradation Fund Scheme, Assocham requested that sufficient provision be made in the Union Budget 2018-19 to take care of old left out cases and the current dues.

"While this scheme has been operating since 1999 and has been prevalent over the period with various amendments and is currently valid up to March 2022, during last 3-4 years there have been problems in its implementation," the Assocham pre-budget memorandum on indirect taxes pointed out.

The chamber urged the government to reduce the hank yarn obligation by half from the current level of 40%.

Assocham sought abolition of customs duty on import of wool fibre, stating: "The apparel grade wool of fine micron (25 micron and finer) and other animal hair are not available indigenously in our country as such the woollen industry is dependent on imports."

The industry chamber requested the Centre to reduce the Goods and Services Tax (GST) on man-made fibre from 18% to 12% so that it is fully set-off at the yarn stage.

Seeking exemption from payment of GST on export of goods, the industry chamber said under the present system, an exporter has to pay IGST on export of goods, which is refunded to him on submission of shipping bills which involves blockage of working capital for a long time.

Print Rate this article:
No rating

Number of views (138)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free