Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: form 3cd
 
 
News Headlines »
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017

Textile exporters request tax reimbursement to offset Re effect
June, 14th 2007

Textile and garment exporters on Wednesday requested the government to reimburse transaction costs, local taxes and reduction of interest rates on pre and post-shipment deliveries, to offset the impact of rupee appreciation.

A delegation comprising representatives from cotton textile, apparel, handloom, silk and synthetic and rayon sectors, approached industry and commerce minister Kamal Nath with the hope of attaining partial relief from the rising rupee through the reimbursement of local taxes.

An unprecedented appreciation of the rupee during the last six months has hit the segment hard, decelerating the growth of exports in the segment by over 40%.

The meeting was organised by the Federation of Indian Exporters Organisation (FIEO).

Nath assured exporters that he was aware of the problem and would take up the issue with Prime Minister Manmohan Singh and finance minister P Chidambaram.

Confirming the move, the chairman of Textile Export Promotion Council Prem Malik told FE the reimbursement of these levies is WTO compatible and will give some relief and offset the losses suffered to some extent.

The textile and clothing industry had lined up an investment of Rs 32,000 crore for the current fiscal. However, the rupee crisis has hit them very hard and they have to cut their projections by 50% from $50 billion in exports to $25 billion in the Eleventh Plan period, Malik said. The textile and apparel exports are pegged at $11 billion, which constitutes 14 % of the total exports of $160 billion, vice chairman of the Apparel Export Promotion Council Rakesh Vaid said. Due to the recent crisis, the exports are expected to decline to $9 billion, and if the situation continued, the industry will downsize workforce by about 15 lakh in the next six months, he added.

It may be noted that local taxes and infrastructure disability in the country constitute 5.2% and 7% of the total production cost in the segment, respectively. At present, the pre and post-shipment delivery interest rate is 9.5%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions