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APEC seeks restoration of tax sops for garment exporters
New Delhi, May 27: Apparel Export Promotion Council (APEC) today proposed a nine-point package for doubling India`s garment exports to 10 billion dollars in the next three years, which includes restoration of 100 per cent tax exemption on export profits.
New Delhi, May 27: Apparel Export Promotion Council (APEC)
today proposed a nine-point package for doubling India's
garment exports to 10 billion dollars in the next three years,
which includes restoration of 100 per cent tax exemption on
export profits.
Other recommendations include acceptance of EU's proposal
for increasing the garment quota limits against India binding
import tariff at 20 per cent.
"If this is done, exports to the EU may increase by around Rs 4,000 crore during the current year and will continuously achieve the added performance in future as well," an AEPC statement said here.
It also suggested restoration of all industry duty drawback rates and DEPB rates, and proposed one-time excise duty levy at spindle stage. Other suggestions in the agenda included lowering of interest rates on loans to garment industry, flexible labour laws and the declaration of APEC as the nodal agency for issuance of certificate of origin for the industry.
Bureau Report
"If this is done, exports to the EU may increase by around Rs 4,000 crore during the current year and will continuously achieve the added performance in future as well," an AEPC statement said here.
It also suggested restoration of all industry duty drawback rates and DEPB rates, and proposed one-time excise duty levy at spindle stage. Other suggestions in the agenda included lowering of interest rates on loans to garment industry, flexible labour laws and the declaration of APEC as the nodal agency for issuance of certificate of origin for the industry.
Bureau Report