Photograph by Rajwant Rawat
On March 10, the $274 billion, Cupertino, California-based Apple Inc. announced it is starting production of the 5G-compatible iPhone 12 in India. It appeared like a routine announcement. After all, Apple has been assembling older generation iPhones in India through contract manufacturers since 2017. It wasn t.
It might have been a small step for Apple but was a giant leap for Indian manufacturing. India s new Production Linked Incentive (PLI) Scheme to reduce import dependence and promote local manufacturing had lured three of Apple s Taiwanese original equipment manufacturers - Foxconnn Hon Hai, Wistron and Pegatron - to pump in millions of dollars to expand Indian facilities. They will move a step up from assembling imported parts here to making or sourcing more components locally. Like Apple, about 70 firms have shown interest in availing the PLI Scheme to set up manufacturing facilities in three key sectors: mobile and electronic components; pharma
Tiruppur exporters demand status quo on customs duty on accessories
Updated:
Updated:
February 13, 2021 14:06 IST
As per amendments announced in the Union Budget, accessories imported by the garment industry will attract customs duty from April 1
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As per amendments announced in the Union Budget, accessories imported by the garment industry will attract customs duty from April 1
The Tiruppur Exporters’ Association (TEA) has opposed certain amendments related to the import of items used by the garment industry announced in the Union Budget.
TEA president Raja M. Shanmugham said that the garment industry was importing items such as tags, labels, stickers, belts, buttons or hangers and printed bags without payment of customs duty. The only requirement is that the importer should produce the member certificate from the Apparel Export Promotion Council. Now however, as per the amendments announced in the Budget, the importing units have to execute a bond wit
Synopsis
MEIS is being replaced by RoDTEP as the former violates the global trade norms. The RoDTEP committee, headed by Pillai, was constituted in July to formulate the modalities to calculate taxes at the central, state and local levels.
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The carpet industry has suggested a RoDTEP rate of 8%, the apparel export sector has suggested 6-6.5%
New Delhi: A three-member committee under former home and commerce secretary GK Pillai has sought evidence and data from the industry to justify their claim of the benefit needed to be given under the proposed tax neutralisation.
The government proposes to roll out the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme next month replacing popular Merchandise Exports from India Scheme. Remission rates suggested by the industry are higher than the incentives under MEIS, payable as a percentage of realised free-on-board value of 2%, 3% and 5%.