Tirupur Exporters' Association (TEA) today welcomed increase of the Merchandise Exports from India Scheme rates for Readymade garments and Madeup from two to four per cent for November 1 2017 to June 30 2018 period.
The announcement of MEIS increase is a relief to the ailing knitwear garment export sector, TEA President Raja Shanmugham said in a statement here
He thanked Finance Minister Arun Jaitley, Textile Minister Smriti Irani and Commerce and Industry minister Suresh Prabhu "for crucial support at this hour of crisis."
He also made a request to incorporate the embedded tax and announce the revised Rebate on State Levies and Duty Drawback rates as these were desperately needed to bring back exports' growth and boost confidence of garment exporters to take fresh orders and sustain themselves in global business.
In another statement, Southern India Mills' Association Chairman P Nataraj also welcomed the announcement, which, he said, has given some relief to the industry.
The government today announced post-GST rates for claiming rebate of state taxes under the scheme for Remission of State Levies (RoSL) on exports of readymade garments and made-ups, in a bid to support outward shipments.
The government has also doubled the rates for incentives under an export promotion scheme -- MEIS -- to four per cent for readymade garments and made-ups.
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