The textile industry has voiced alarm over the consistent fall in cotton yarn exports in the last three months due to sharp decline in demand in importing countries such as China, Bangladesh and South Korea, besides duty-free access given by China to competing Pakistan.
New Delhi, July 31 (KNN) One significant area where the full potential of GST has not been achieved is the roll out of the simplified tax compliance regime, said Comptroller & Auditor General (CAG) in its first report on GST after its roll out on July 1, 2017.
The ongoing US-China trade war has offered Indian exporters an excellent opportunity to help actualise $5 trillion economy mark as envisioned by the government, feels Som Parkash, Union Minister of State for Commerce & Industry.
The Commerce Minsitry is considering a recast of export incentives and is expected to roll back the Merchandise Exports from India Scheme (MEIS).
The commerce and industry ministry has floated a cabinet note for the adoption of a new export incentives scheme in order to be in compliance of World Trade Organization (WTO) norms.
The textile and garment industry’s exports were worth US$32 billion last year and they are expected to reach $40 billion this year.