GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
In a move to boost textile exports, specifically of readymade garments and made-ups, the government has notified change in rates under the scheme for Remission of State Levies (RoSL) on exports of readymade garments, made-ups, and under the Advance Authorization-RoSL for garments, following the implementation of the Goods and Services Tax (GST).
According to an official statement here, RoSL rates are now up to a maximum of 1.7 per cent for cotton garments, 1.25 per cent for man made fibers (MMF) as well as silk and woolen garments, and 1.48 per cent for apparel made of blends.
“Rates are up to a maximum of 2.20 per cent for cotton made-ups, 1.40 per cent for MMF and silk made-ups and 1.80 per cent for made-ups of blends,” the statement said.
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“For sacks and bags made of jute, the rate is 0.60 per cent. The RoSL rate for garments under AA-All Industry Rates combination is 0.66 per cent,” it added. The rates are effective retrospectively from October 1, 2017.
Meanwhile, the Directorate General of Foreign Trade has announced an increase in the rates for incentives under the Merchandise Exports from India Scheme for ready made garments and made-ups from 2 per cent to 4 per cent of the value of exports, with effect from November 1, 2017 till June 30, 2018.
According to an official statement, the estimated annual incentives on this count would be Rs 1,143.15 crore for 2017-18 and Rs 685.89 crore for 2018-19.
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