Government extends tax rebate on ‘Apparel Exports’ till March 2024
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15th July 2021,Mumbai:
The Indian government has extended the rebate of taxes and levies on apparel exports till March 2024. These rebates will include exports of garments and madeups and will be at the same rate as notified by the Textiles Ministry in March. They will boost investments in the domestic textile firms.
RoSCTL will continue with the same rates as notified by the ministry of textiles vide Notification dated March 8, 2019; w.e.f January 1, 2021 on exports of apparel/garments (Chapters-61 & 62) and made-ups (Chapter-63) in exclusion from Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for these chapters.
The other textiles products (excluding Chapters-61, 62 & 63) which are not covered under the RoSCTL shall be eligible to avail the benefits, if any, under RoDTEP along with other products as finalised by department of commerce from the dates which shall be notified in this regard.
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The scheme will be implemented by the department of revenue with end to end digitization for issuance of transferrable Duty Credit Scrip, which will be maintained in an electronic ledger in the Customs system, the release added.
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