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Texprocil hails decision to provide relief to exporters

Monday, October 09, 2017

The Cotton Textiles Export Promotion Council (Texprocil) has welcomed the Centre's decision to provide relief and resolving the liquidity issues faced by the textile exporters.

"We are happy that the government has provided far reaching relief to the exporting community at the GST Council meeting on Friday," Texprocil Chairman Ujwal Lahoti said in a statement.

"The government ensured that refunds for GST amounts filed during the months of July/August will be made available by October 10th and 18th respectively. The government has tried to resolve the liquidity issues faced by the exporters," Lahoti added.

Lahoti also said the facility given to the merchant exporters, who account for almost 40% of India's textile exports, to pay a nominal amount of 0.1% as GST while claiming goods from manufacturers for export goods will ensure that they do not face cash flow problems.

This step has come as a great relief to the trade. The other measures like exempting export promotion schemes like advance authorisation scheme; EPCG from the payment of GST up to March 31, 2018 should lead to a spurt in investments, he added.

Reducing the GST on manmade fibre yarn from 18% to 12% and duty credit scrips from 5% to 'zero' would also give a boost to exports, he claimed.

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