Extension of RoSCTL scheme for 3 years a dire necessity- AEPC to govt
时间:2024-09-29 02:26:48 阅读(143)
Apex body for apparel exporters AEPC on Thursday urged the government to extend rebate scheme, RoSCTL, for three more years, stating that it has become a “dire” necessity, given the current global economic uncertainties.
The Apparel Export Promotion Council (AEPC) said market sentiments have touched an “all-time” low and the traditional markets of the US and the European Union (EU) are facing unprecedented recessionary trends.
“This scheme (RoSCTL) has helped the apparel industry immensely to plan the business on a consistent basis while staying competitive,” he added.
He also asked the industry to focus on innovation and attracting Foreign Direct Investments (FDI).
“At present, the apparel industry receives a very low level of FDI, although 100 per cent overseas investment is allowed in the textile sector under the automatic route,” he said.
“Enhancing FDI to increase economies of scale is very important for India’s export competitiveness in the ready-made garment sector. Bringing investment in the garment sector to realise its full potential is our focus,” Goenka added.
To reach the target of increasing exports from USD 16-17 billion to USD 40 billion by 2030, there is a need to focus on innovation to cut cost and faster clearances, expand market and product basket, adopt cluster-based model, bring in investments and enhance branding efforts, he said.
He added that the industry should also focus on harnessing the potential of e- commerce segment and Free Trade Agreements (FTAs), practise sustainability, and responsible business practices.
In 2021, the scheme was approved under which garment exporters get a rebate on central and state taxes on their outward shipments till March 2024.
Rebates of state taxes and levies would include VAT on fuel used in transportation, mandi tax, duty of electricity, and stamp duty on export documents.
They also include embedded State Goods and Services Tax (SGST) and Centre Goods and Services Tax (CSGT) paid on inputs such as pesticides and fertilisers used in production of raw cotton, central excise duty on fuel used in transportation, embedded CGST and compensation cess on coal used in production of electricity.
Under the RoSCTL scheme, the maximum rate of rebate for apparel was 6.05 per cent, while for made-ups, this was up to 8.2 per cent. Garments and made-ups segments such as home textiles products are covered under the scheme.
Global economic uncertainties are increasing due to Russia-Ukraine and Israel-Hamas conflicts.
Attacks on ships at the Red Sea are also impacting smooth supply of goods across countries.
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- bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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