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The Southern India Mills’ Association

Committed to Foster the Growth of the Textile Industry

Govt may provide RoSL benefits to certain sectors under incentive package for exporters

The Government may extend the Remission of State Levies (RoSL) to sectors including chemical and engineering as part of the proposed incentive package for exporters to boost the country’s outbound shipments, an official said.
Currently , RoSL, which is to offset indirect taxes levied by states such as stamp duty, petroleum tax, electricity duty and mandi tax that were embedded in exports, is provided to textile exporters.
The Commerce Ministry is working on an incentive package for labour intensive sectors to promote shipments and address issues of exporters. It is holding meetings with the finance ministry on the matter.
As part of the package, the ministry is proposing several steps such as funds for rebate of levies, creating system for online refund of GST and expansion of Niryat Bandhu Scheme, the official said.
Under this Scheme, mentoring is provided to the first- generation entrepreneurs.
Recently. Commerce and Industry Minister Suresh Prabhu said the ministry would provide support to exporters are they facing several challenges.
We are preparing a package which will ensure that exporters woes are addressed properly. They have been challenges for the export sector over a period of time and one big challenge is creidt he said.
He also said the package would focus on labour -intensive sector as it would help in creating jobs.
The FIEO president ganesh Kumar Gupta said incentives would help promote exports, which is expected to touch USD 350 billion in 2018-19.
“Steps like online ITC (input tax credit) refund, one -time amnesty for fulfilling export obligation under Advanced Authorisation and EPCG and MEIS benefit for fabrics and yarn would boost exports.
During Apr-Nov this fiscal exports rose 11.58% to USD 217.52 bn.
Since 2011-12 the country exports have been hovering at around USD 300bn during 2017-18 the shipments grew by about 10% to USD 303bn.
Promoting exports helps a country jobs, boost manufacturing and eran more foreign exchange.