The Ministry of Finance has increased the Merchandise Exports from India scheme rates for Readymade Garments and Madeups from 2 per cent to 4 per cent for a period of 1.11.2017 to 30.6.2018 on (24th November 2017). Raja M Shanmugham, President said the announcement of MEIS increase is a relief to the ailing knitwear garment export sector and he thanked Arun Jaitley, Hon’ble Union Minister of Finance, Smriti Irani, Hon’ble Union Minister of Textiles, Suresh Prabhu, Hon’ble Union Minister of Commerce and Industry and PMO office for this crucial support at this hour of crisis.
Raja M Shanmugham further said he has also requested to incorporate the embedded tax and announce the revised ROSL and Duty Drawback rates as these lifeline supports are desperately needed to bring back the exports growth and boost the confidence of garment exporters to take up fresh orders and sustain in the global business. Raja M Shanmugham was hopeful that the Government would also consider the requisition immediately.
