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Cotton Textile export during April to September 2018 grow by 26.81 pct: TEXPROCIL

ANI  |  New Delhi [India] 

During the current year period April-September 2018, the exports of textiles (Yarns, Fabrics, Made-up and Raw cotton) from reported a growth of 26.81% reaching a level of USD 6.23 billion, stated Ujwal Lahoti, of The Textiles Export Promotion Council (TEXPROCIL) at the Meeting of the Council held on 29th of November 2018.

Shri Lahoti further stated that during this period (January-December 2017), exported 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%.

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Texprocil 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 rate on purchase of export goods should be allowed IGST refund on exports.

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 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 As a result, they have not received IGST refund. Exporters subsequently, surrendered the difference between higher and lower Drawback. However, they are still waiting for IGST refund. The Chairman, TEXPROCIL urged the Govt to refund IGST to such exporters.

Dr. appointed as of TEXPROCIL

Dr. K.V. Srinivasan has been elected as Chairman of The (TEXPROCIL) for the year 2018 - 2020 during 64th AGM of TEXPROCIL held on 29th November, 2019 at

Dr. is the of Sree Narasimha Textiles Pvt. Ltd., Mills Pvt. Ltd. & Pvt. Ltd.

He earned his Doctorate from the He is the of International Textile Manufacturers Federation, (ITMF) from 2018. He is the Chairman of the (SITRA), He was also Chairman of the Mills Association, (SIMA), from 2007 to 2009. He was the Chairman of CII, Zone for 2015 - 16. Among other positions held is of Kasthuri Sreenivasan Trust, and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 12:50 IST
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