The Indian finance and textile ministries have refused to allow the refund of input tax credit (ITC) to the power loom weaving sector. This was conveyed recently to Synthetic and Rayon Textile Export Promotion Council (SRTEPC) chairman Narain Agarwal by finance minister Piyush Goyal and textile minister Smriti Irani in separate meetings in New Delhi.
Both the ministers categorically refused to allow ITC refund to the power loom weaving sector and stated that the accumulation of ITC in other segments, including textile processing, embroidery and yarn spinning, will be released soon, according to a report in a top Indian English-language newspaper.The Indian finance and textile ministries have refused to allow the refund of input tax credit (ITC) to the power loom weaving sector. This was conveyed recently to Synthetic and Rayon Textile Export Promotion Council (SRTEPC) chairman Narain Agarwal by finance minister Piyush Goyal and textile minister Smriti Irani in separate meetings in New Delhi. #
The rebate of taxes on fuel levied by state governments, which is about 0.66 per cent, will be examined for further consideration. The government has assured that it is studying the issue regarding the increase of effective duty on imports of cheap fabric, Agarwal added. (DS)
ALCHEMPro News Desk – India
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