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Apparel exports drop 3.46% on GST effect

Apparel exports drop 3.46% on GST effect

Apparel exports dropped 3.46% in 2018-19 compared with the year-earlier period, mainly because exporting units took time to adjust to the new rates under the Goods and Services Tax (GST).

Apparel exports last financial year were worth $16.13 billion compared with $16.71 billion in the year-earlier period. However, in rupee terms, the exports grew 4.66 %.

According to A. Sakthivel, vice-chairman, Apparel Export Promotion Council (AEPC), under the GST, there was almost 7% reduction in the incentives that the exporters were receiving earlier and they also had to adjust to the new system.

Chandrima Chatterjee, advisor to the council, said the global apparel market was also stagnant. Yet, leaders in the segment such as Bangladesh and Vietnam witnessed growth. “We need to strategise to position Indian products in the international market,” she said.

Export of overall cotton textiles, including cotton yarn, rose almost 10% last financial year compared with the year-earlier period. Apparel exports, too, surged 15% in March after the Centre announced reimbursement of embedded taxes. This should give a boost to exports this year, says Siddhartha Rajagopal, excutive director, The Cotton Textiles Export Promotion Council.

Source :- Thehindu.com

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