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FUNDS TO BE RELEASED BY MOT under RoSTCL

FUNDS TO BE RELEASED BY MOT under RoSTCL

The Union Cabinet, in March 2020, had approved the continuation of RoSCTL for export of garments and made-ups from April 1, 2020, till the scheme is merged with Remission of Duties and Taxes on Exported Products (RoDTEP).

Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel thanked Hon’ble Ministers of Textiles, Finance, and Commerce and Industry for releasing funds to pay the dues under Rebate of State and Central Taxes and Levies (RoSCTL) for fiscal 2020-21.

“This scheme has been the backbone of policy support for the industry and will surely restore not just the competitiveness of the industry, but also positive sentiments for achieving higher export targets.

This has been the request of our members in the Apparel Export Industry for a long time and who would definitely benefit from this measure,” the Chairman said.

Apparel exports, which had been hit hard by the lockdown, global depression in demand, increasing defaults due to bankruptcies and closure, huge increase in logistic and transactional costs, etc, needed this support for regaining the disadvantage that it was facing in the global markets, he said.

Although the year so far has seen double digit declines in exports during April-91.04%, May-66.19%, June-34.84% and July-22.09%, this announcement will be an important milestone in changing the export trends.

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