Chairman, TEXPROCIL Welcomes Extension Of The RoSCTL Scheme For Made Ups
- ByAyushi Ray | July 16, 2021
In a meeting chaired by Prime Minister Narendra Modi, Chairman, TEXPROCIL welcomes extension of the RoSCTL Scheme for Made ups. The RoSCTL (Rebate of State and Central Taxes and Levies) scheme was discontinued with effect from January 1, 2021 after the implementation of the RODTEP scheme. This decision was welcomed by Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) who said, “The extension of the RoSCTL scheme is a huge positive development which will improve the competitiveness of Made ups articles in the export markets and lead to a quantum jump in overall exports and increase employment especially women.”
It is already a globally accepted principle that taxes and duties should not be exported to enable a level playing field in the international market for the exporters. This implies that all taxes and levies borne on the products which are exported should be either exempted or refunded to the exporters. In the textile sector, overseas buyers place orders and exporters have to chalk out their activities well in advance and, therefore, it is important that the policy regime regarding export of textile products should be stable. Exporters can now take a long-term perspective while negotiating export orders, according to Patodia. Due to the pandemic, market conditions have deteriorated and exporters are facing challenges trying to keep up their export business afloat and this RoSCTL scheme can be a real lifesaver for this pandemic stricken exporters according to Patodia.
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