Introduction to review decision to withdraw MEIS from a later date

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Mumbai, Ta. January 21, 2020, Tuesday

The Apparel Export Promotion Council has been requested by the government to review the decision to withdraw the Merchandise Exports from India Scheme (MEIS) from the previous date and provide the benefits of the scheme by March 5th.

Rebate of State and Central Taxes and Lewis, announced on March 8, was a relief in addition to MEIS benefits. The council has claimed that if the decision to withdraw the MEIS from a later date would provide the necessary support to the apparel industry and additional investment and employment would be created in the sector.

The sector's contribution to the country's economy will increase by five trillion dollars, it said.

Thanking the finance minister for announcing the rebate of State and Central Taxes and Lewis, the chairman of the council, A Shaktiv, said that the rebate has been made effective from March 7 and is a rebate in addition to the 5 per cent benefits provided to the industry under MEIS.

Both of these schemes have different purposes. The Drawback Committee, constituted by the government, recommended the Rebate of State and Central Taxes and Lewis to study the refund of hidden and embedded taxes.

It has also been argued that the withdrawal of the benefits of these schemes will create a problem of working capital in the industry as the industry has taken into account both the costing and tax planning.

Most units in the MSME sector will have an impact on their ability to pay employees salaries. The apparel industry has been steadily growing over the past few decades. In the last financial year, $ 2.4 billion of apparel was exported from the country.

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