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The Federation of Indian Export Organisations (FIEO) has urged the Tamil Nadu government to take up with the GST Council the need for putting in place a proper mechanism for refunding the embedded taxes not subsumed in GST and create a competitive environment for the apparel sector.
A Sakthivel, Regional Chairman of FIEO, has pointed out that the state’s share in apparel exports in around 40 per cent. The apparel sector is at present passing through stagnation due to global slowdown as also on account of domestic issues, including cost of doing business, transaction cost and high cost of credit.
“We expected some relief from the steep hike in working capital requirement under GST regime through continuation of old drawback rates considering that the embedded taxes are not subsumed in GST.”
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