The Federation of Indian Chambers of Commerce and Industry (FICCI) revealed that in order to take advantage of the enormous potential of the technical textiles sector in India, which is still in its embryonic stage, various growth-supportive sops such as tax incentives should be introduced.
In its suggestion to the Ministry of Textiles, FICCI has proposed that technical textiles having variety of applications like geotextiles, medical, hygiene, protective clothing, automotive, industrial, agrotech and fire retardants, should be exempted from goods and services tax (GST) for a minimum period of two years.The Federation of Indian Chambers of Commerce and Industry (FICCI) revealed that in order to take advantage of the enormous potential of the technical textiles sector in India, which is still in its #
The technical textile sector lobby recommended its addition under the Special Product Focus Scheme for rectification of inverted duty structure, exports, fixation of drawback rates as well as DEPB rates for new products.
FICCI, in its suggestions to the Ministry of Textiles, has proposed that it should discuss the issues with the finance ministry. It also proposed zero-duty on the import of speciality fibres and yarns which are not produced in our country besides the lowering down of the excise duty from 10 percent to four percent on man-made fibres and yarns.
FICCI also stated that technical textiles have huge export potential and the government should give incentives to these products as well as the industry under the Special Focus Product Scheme of foreign trade policy of our country. This would render them suitable for the allowance of duty credit scrips equal to five percent of free on board (FOB) export value.
At present, these products have been placed only under the focus products scheme which makes them eligible for two percent duty scrip, it added.
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