India Will Soon Resume The Export Rebate Mechanism Of Cotton Yarn.
In view of the present Spinning mill India's Ministry of finance has decided to resume its huge stock of yarn and the shrinking demand in the world market. Export tax refund mechanism for cotton yarn 。
The government cancelled the notice in April 29, 2010. Cotton yarn export The drawback is due to the high domestic prices, the abolition of tax rebates and the suppression of exports. In January this year, the government announced the export quota of cotton yarn, which lasted until March. According to an official of the Ministry of finance, the export rebate mechanism of cotton yarn will soon be resumed.
Main India Textile Group SP Oswal, chairman of ardhman group and director of yarn business, said that since January 2011, yarn demand has been falling all the time, which is why companies default on bank loans. Restoring tax rebates will help stabilize these companies.
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