Coimbatore: Pollachi MP K. Shanmuga Sundaram wrote to the Finance Minister Nimala Sitaraman regarding the release of Rebate of State and Central Taxes and Levies (RoSCTL) benefits.
Coimbatore: Pollachi MP K. Shanmuga Sundaram wrote to the Finance Minister Nimala Sitaraman regarding the release of Rebate of State and Central Taxes and Levies (RoSCTL) benefits.
In his letter to the Finance Minister the MP has written, "The Textile industry is facing acute financial crunch due to Covid effect. Thereby the industry was forced to diversify their operations and at the same time retain their garment manufacturing operation also. Being the second largest employer, the industry requires solid support from the Central government for obtaining additional funds to meet their production.
To support the industry, the Cabinet approved the extension of Rebate in Taxes on Export of garments and made-ups vide their notification dated March 25, 2020 to continue the RoSCTL benefits from April 01, 2020.
To compensate the merger of RoSCTL with ROSL+MEIS, a special one-time additional ad-hoc incentive of up to 1% of FOB value will be provided for. Subsequently the Ministry of Textiles notified vide notification dated April 17, 2020 that the RoSCTL with the merger of RODTEP (Remission of Duties and Taxes on Export Products) without any change in the guidelines.
Further the Ministry of Textiles vide their earlier notification dated January 14, 2020 said that, “The additional incentive under the scheme would be as per claims from the exporters and the total ad hoc incentive would not exceed Rs.600 crores. I am attaching the request made by the AEPC vide their letter No: AEPC/CHMN/FM/2020 dated 20.07.2020.”
He requests, "Based on the facts placed before you I request you to notify and release of ROSCTL benefits from 01.04.2020 and allocation of funds to meet the additional ad-hoc incentive of 1% to help the industry to overcome the financial crisis."
In his letter to the Finance Minister the MP has written, "The Textile industry is facing acute financial crunch due to Covid effect. Thereby the industry was forced to diversify their operations and at the same time retain their garment manufacturing operation also. Being the second largest employer, the industry requires solid support from the Central government for obtaining additional funds to meet their production.
To support the industry, the Cabinet approved the extension of Rebate in Taxes on Export of garments and made-ups vide their notification dated March 25, 2020 to continue the RoSCTL benefits from April 01, 2020.
To compensate the merger of RoSCTL with ROSL+MEIS, a special one-time additional ad-hoc incentive of up to 1% of FOB value will be provided for. Subsequently the Ministry of Textiles notified vide notification dated April 17, 2020 that the RoSCTL with the merger of RODTEP (Remission of Duties and Taxes on Export Products) without any change in the guidelines.
Further the Ministry of Textiles vide their earlier notification dated January 14, 2020 said that, “The additional incentive under the scheme would be as per claims from the exporters and the total ad hoc incentive would not exceed Rs.600 crores. I am attaching the request made by the AEPC vide their letter No: AEPC/CHMN/FM/2020 dated 20.07.2020.”
He requests, "Based on the facts placed before you I request you to notify and release of ROSCTL benefits from 01.04.2020 and allocation of funds to meet the additional ad-hoc incentive of 1% to help the industry to overcome the financial crisis."