A goods show room and warehouses for Indian goods will be set up in United Arab Emirates (UAE), Commerce and Textiles Minister, Piyush Goyal said Thursday. The planned ‘Bharat Park’ will facilitate other countries of the world to buy Indian goods, he said during and event organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
Expressing concern on Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, he said that utilisation of benefits are very poor in India. He also said that Bureau of Indian Standards (BIS) will spend Rs. 40 crore for setting up 21 testing laboratories across the country.
A SRTEPC statement said manmade fibre textiles sector is facing issues of inverted duty structure under the Goods and Services Tax (GST) regime. "There is 18% GST on fibres, 12% on yarns and 5% on fabrics. This is leading to accumulated input tax credits with the manufacturers, which i@ adding to their cost," the statement said.
Source Name : Economic Times