Trade

Centre Takes Series of Measures for Technology Upgradation and Modernisation in Textile Industry

Centre Takes Series of Measures for Technology Upgradation and Modernisation in Textile Industry

With a view to catalyse technology up-gradation and modernisation in textile industry in the country to make it globally competitive, Ministry of Textiles is implementing Technology Up-gradation Fund Scheme (TUFS) since 1999.

The ongoing version of the scheme i.e. Amended TUFS (ATUFS) launched in January 2016 aims to augment investment, productivity, quality, employment, exports along with import substitution.

One time capital investment subsidy (CIS) is provided under ATUFS for eligible investment on benchmark machinery.

Rates of CIS provided to various segments along with ceiling under ATUFS is given in Annexure-I.

The Government has approved Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) for all export goods excluding garments and made-ups with effect from 01.01.2021 to boost exports and for making them globally competitive.

Under this scheme, embedded Central, State and local duties/taxes are refunded to the exporters.

On 14.07.2021, the Government has decided to continue Rebate of State and Central Taxes and Levies (RoSCTL) Scheme w.e.f 01.01.2021 till 31.03.2024 for textile exporters of Apparel/Garments (Chapters-61 & 62) and Made-ups (Chapter-63) in exclusion from RoDTEP scheme for these chapters.

Related posts

ABFRL to acquire 51% stake in designers Shantanu& Nikhil’s apparel brand

Gagan Marwah

Bankrupt retailer J. Crew Gets $130 million in rent concessions

Perfect Sourcing Newsdesk

Phillips-Van Heusen Corporation’s Ethical Pretentions and the Workplace Reality?

Perfect Sourcing Newsdesk

Leave a Comment