Gurugram : AEPC has congratulated Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman on her maiden Union Budget 2019-20 . The council welcomed the reduction in corporate tax to 25% for companies with annual turnover up to Rs. 400 crore and the proposed reduction in customs duty on wool fibres.
The council in its press release said that We also welcome the procedural simplifications proposed – like Interchangeability of PAN and Aadhaar, simplified single monthly return, fully automated GST refund module and the electronic invoice system. The industry hopes to witness a reduction in the compliance burden following these measures.
The industry today is faced with sever working capital shortage, due to long pending ROSL dues, difficulties in getting bank credits and GST refund blockages. We hope that the Rs. 70,000 crore proposed to be provided to PSBs will ease up the working capital credit flows. The industry is also waiting for the Rebate of State and Central Taxes and Levies (ROSCTL) scheme to be operationalized. We are hoping that the scheme gets enough funding for a smooth roll out and faster clearance of all past dues.
About Apparel Export Promotion Council (AEPC)
Incorporated in 1978, AEPC is the official body of apparel exporters in India that provides invaluable assistance to Indian exporters as well as importers/ international buyers who choose India as their preferred sourcing destination for garments. In recent years AEPC has worked tirelessly in integrating the entire industry – starting at the grass root level of training the workforce and supplying a steady stream of man power to the industry; identifying the best countries to source machinery and other infrastructure and brokering several path breaking deals for its members and finally helping exporters to showcase their best at home fairs as well as be highly visible at international fairs the world over. With AEPC’s expertise and all the advantages that India has, it makes for a truly win-win situation – Indian exporters grow stronger each year in their achievements, skills and proficiency, while international buyers get superior solutions for their garment imports.