ROSL budget hike aims to boost textile exports

On February 13, the Union Government’s Textile Minister, Smriti Irani stated that the increased budget allocation for the Remission of State Levies (ROSL) will help to boost textile exports.

The Textile Minister stated that increased budget allocation for the ROSL will help to boost textile exports - CITI- Facebook

Irani stated that the new budget will allow for a 39 percent increase in budget allocation for the ROSL which she believes will help to increase Indian textile exports.

The ROSL budget has been raised from 1,555 crore rupees in the 2017-2018 budget to 2,163.85 crore rupees in the budget for the upcoming financial year.

Along with the ROSL, there has also been a 15 percent increase in budget allocation for the Technology Upgradation Fund Scheme (TUFS), Irani told reporters. Many textile manufacturers have been voicing their concerns that higher tax rates under the GST would make them less competitive in the global export market compared to countries such as Bangladesh where production costs are increasingly cheaper. The increased ROSL budget is an attempt to address these concerns and to increase domestic production and exports as part of the government’s “Make in India” campaign.

The ROSL is designed to offset indirect taxes on exports that are levied by states. The ROSL is goes on top of the other government incentives such as duty draw back and the Merchandise from India Export Scheme. 

Copyright © 2018 FashionNetwork.com All rights reserved.

TextilesIndustry