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| Textile Industry demands restoration of duty drawback |
MUMBAI: The textile industry has sought restoration of Duty Draw Back (DDB) and Duty Entitlement Pass Book (DEPB) rates and the refund of service
tax on export related services to remain competitive in exports, a top industry official said today.
"In the short term, the Textile Ministry needed to consider restoration of drawback rates to the levels existing prior to September 2008; issuance of dues pending from The Technology Upgradation Fund Scheme (TUFS) and the refund of service tax on export related services and accumulated cenvat credit on capital goods," the Cotton Textiles Export Promotion Council (Texprocil) Chairman, V S Velayutham said here.
While raising key issues to the attention of the Textile Minister, Dayanidhi Maran, Velayutham also stressed on the urgent need to introduce a new Fibre Policy and attend to issues relating to drawback and unrebated state levies.
It must be noted that except India all other Asian economies have increased their market size and share in textile exports even during this economic slowdown period, Texprocil Vice Chairman, Manikam Ramaswami said.
India has been losing its market share as it is losing its relative competitiveness steadily. While China has increased its drawback from 12 per cent to 17 per cent, Pakistan has introduced an R&D rebate of 7.5 per cent. |
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