Rebate in taxes on garments exports extended
Wednesday - March 25, 2020 6:17 pm , Category : BUSINESS
New Delhi, March 25 (IANS) The Union cabinet on Wednesday gave its approval for the continuation of "Rebate of State and Central Taxes and Levies" (RoSCTL) scheme for the apparel industry.According to an official statement, the RoSCTL will be extended from April 1, 2020 onwards "until such a time that the scheme is merged with Remission of Duties and Taxes on Exported Products (RoDTEP)"."The RoSCTL scheme for apparel and made-ups will be continued with effect from 1st April, 2020 without any change in scheme guidelines and rates as notified by the Ministry of Textiles till such time that the RoSCTL is merged with RoDTEP," the statement said. "Continuation of RoSCTL beyond 31st March, 2020 is expected to make the textile sector competitive by rebating all taxes or levies which are currently not being rebated under any other mechanism," it added.The scheme envisages to reduce high logistical cost burden on exporters of readymade garments and made-ups.