GOVT IMPOSES DUTIES ON IMPORTED ACCESSORIES
The Tirupur Exporters’ Association (TEA) requested Union Finance Minister Nirmala Sitharaman to reconsider the amendment making it mandatory for units importing accessories to execute a bond for waiver of Customs duty.
In a representation, TEA president Raja M Shanmugham said items like tags, labels, sticker, belt, button or hanger, printed bags were being imported without payment of duty if the importer produced the member certificate from Apparel Export Promotion Council (AEPC).
As per the amendment proposed in the union budget, importing units have to execute a bond with Customs for import without payment of duty, he said.
Accordingly, several products will attract Customs duty with effect from April 1, resulting in erosion of competitiveness, he contended, adding the Finance Minister should reconsider the amendment and restore the status quo.
He also sought remission of duties and taxes on exported products (RoDTEP) scheme rates with additional benefits for a shorter duration and to extend the interest equalisation scheme on pre and post shipment Rupee export credit for three years.