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Tax Incentives Sought by Struggling Textile Companies
August 17, 2019
Owing to slugging exports, growing imports from Sri Lanka and Bangladesh, and poor domestic demand, the textile and clothing companies in India seek immediate relief from the Center.
Textile companies said that a third of their production capacity has become idle. On the other hand, spinning mills have slashed their production by as much as 50% to prevent the collection of excessive unsold stock.
The textile industry wants the government to extend the Rebate of State and Central Taxes and Levies (RoSCTL) scheme which is at present provided for export of garments and bed linen, to export of cotton yarn as well.
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