New Delhi [India], Dec 4 (ANI-BusinessWireIndia): During the current year period April-September 2018, the exports of cotton textiles (Yarns, Fabrics, Made-up and Raw cotton) from India reported a growth of 26.81% reaching a level of USD 6.23 billion, stated Ujwal Lahoti, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) at the 64th Annual General Meeting of the Council held on 29th of November 2018.Also Read - Swiggy, Zomato Will Now Pay GST on Restaurant Services Supplied Through Them, Says Sitharaman
Shri Lahoti further stated that during this period (January-December 2017), India exported cotton textile products worth USD 10.82 billion reporting a growth of 3.54% over the previous year. Cotton made-ups (USD 5.26 billion) dominated the Indian cotton textiles basket with a share of 48.61%, followed by cotton yarns (USD 3.45 billion) achieving a share of 31.88% and cotton fabrics (USD 2.11 billion) recording a share of 19.51%. Also Read - Central Govt Panel Plans to Bring Petrol, Diesel Under GST: Report
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Texprocil Chairman stated that there are some areas in GST, which need urgent attention of the policymakers. These are as follows:
• Refund of IGST on exports should be delinked from monthly returns (GSTR-1 & GSTR-3B).
• IGST refund should be given to exporters availing deemed exports benefit on domestic purchase under Advance Authorization and 100% EOU.
• Refund of Unutilized Input Tax Credit (Transitional Credits) should be allowed when goods are exported under LUT.
• Merchant exporters availing of benefit of concessional GST rate on purchase of export goods should be allowed IGST refund on exports.
• GST Commissionerates should strictly follow the guidelines issued by CBIC for a refund of Unutilized Input Tax Credit on exports under LUT/Bond.
• Further, during July 1, 2017 to September 31, 2017 higher Drawback rates were allowed as a transitional measure subject to non-availment of ITC. However, many exporters erroneously availed of ITC and also higher rate of Drawback. As a result, they have not received IGST refund. Exporters subsequently, surrendered the difference between higher Drawback and lower Drawback. However, they are still waiting for IGST refund. The Chairman, TEXPROCIL urged the Govt to refund IGST to such exporters.
Dr. K. V. Srinivasan appointed as Chairman of TEXPROCIL
Dr. K.V. Srinivasan has been elected as Chairman of The Cotton Textile Export Promotion Council (TEXPROCIL) for the year 2018 – 2020 during 64th AGM of TEXPROCIL held on 29th November, 2019 at Mumbai.
Dr. K. V. Srinivasan is the Managing Director of Sree Narasimha Textiles Pvt. Ltd., Premier Mills Pvt. Ltd. & Premier Fine Linens Pvt. Ltd.
He earned his Doctorate from the University of Manchester. He is the vice president of International Textile Manufacturers Federation, Zurich (ITMF) from 2018. He is the Chairman of the South Indian Textile Research Association (SITRA), Coimbatore. He was also Chairman of the Southern India Mills Association, (SIMA), Coimbatore from 2007 to 2009. He was the Chairman of CII, Coimbatore Zone for 2015 – 16. Among other positions held is Trustee of Kasthuri Sreenivasan Trust, Coimbatore Golf Club Trust and PSG & Sons Charity Trust. (ANI-BusinessWireIndia)
This is published unedited from the ANI feed.