Business

‘Tax scheme for garments to continue’

The Union Cabinet has approved the continuation of Rebate of State and Central Taxes and Levies (RoSCTL) scheme for apparels, garments and made ups with the same rates notified by the Ministry of Textiles in March 2019.

According to an official statement, the scheme would continue till March 31, 2024.

“Revised guidelines for continuation and implementation of the RoSCTL scheme shall be prepared by the Ministry of Textiles in consultation with the Department of Revenue with necessary flexibilities to fine-tune the operational details, implementation modalities and scheduling etc.,” as per the statement.

Textiles Secretary Upendra Prasad Singh told The Hindu that the continuation of the RoSCTL will make Indian garments, apparels, and made ups competitive in the international market and is expected to result in a 10% growth in export of these products this year.

Annual apparel and made ups exports are worth about $22 billion. The decision to continue with the scheme has removed uncertainties for the garment and made ups exporters, he said.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Sep 17, 2021 7:54:53 PM | https://www.thehindu.com/business/tax-scheme-for-garments-to-continue/article35331628.ece

Next Story