Mumbai (Maharashtra) [India], July 16 (ANI/NewsVoir): The Union Cabinet meeting chaired by the Hon'ble Prime Minister, Narendra Modi, on 14th July 2021 has given its approval for the continuation of the RoSCTL (Rebate of State and Central Taxes and Levies) with the same rates as notified by the Ministry of Textiles vide Notification dated March 8, 2019 for Made ups and Garments till March 31, 2024.
The RoSCTL scheme was discontinued with effect from January 1, 2021 after the implementation of the RODTEP scheme.
Welcoming this decision, Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) said, "The extension of the RoSCTL scheme is a huge positive development which will improve the competitiveness of Made ups articles in the export markets and lead to a quantum jump in overall exports and increase employment especially women."
It is a globally accepted principle that taxes and duties should not be exported to enable a level playing field in the international market for the exporters. This implies that all taxes and levies borne on the products which are exported should be either exempted or refunded to the exporters.
In the textile sector, overseas buyers place orders and exporters have to chalk out their activities well in advance and, therefore, it is important that the policy regime regarding export of textile products should be stable. Exporters can now take a long-term perspective while negotiating export orders, according to Patodia.
Exporters are passing through challenging times on account of difficult export market conditions caused by the pandemic and the RoSCTL scheme can help them to overcome the situation substantially, according to Patodia.
Dr. Siddhartha Rajagopal, Executive Director, TEXPROCIL also added, "The extension of the RoSCTL scheme will not only lead to an increase in exports of Cotton textiles manifold but will result in attracting investments in the sector."
Manoj Patodia thanked the Hon'ble Prime Minister, Narendra Modi, Hon'ble Union Finance Minister, Smt Nirmala Sitharaman and the Hon'ble Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal and Smt Darshana Vikram Jardosh, Minister of State for Textiles for extending the RoSCTL scheme.
For more information, please visit: www.texprocil.org.
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