Wool & Woollens Export Promotion Council Chairman welcomes reduction of Indirect Taxes
Author(s): City Air NewsLudhiana, July 5, 2019: Shri Rajneesh Ghai, Chairman, Wool & Woollens Export Promotion Council welcome reduction of Indirect Taxes which is Basic Customs Duty (BCD) on Wool Fibre under heading 5101 and on Wool Tops...
cityairnews
Jul 5, 2019 09:30
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Ludhiana, July 5, 2019: Shri Rajneesh Ghai, Chairman, Wool & Woollens Export Promotion Council welcome reduction of Indirect Taxes which is Basic Customs Duty (BCD) on Wool Fibre under heading 5101 and on Wool Tops under heading 5105 from 5% to 2.5% respectively.
WWEPC has been requesting the Government of India for abolition of duty on above products as wool fibre below 23 micron is not indigenously available. Our woollen industry is fully dependent on imports. This fibre is blended with other fibres for manufacturing various woollen blended products and re-exported to world which gives huge revenue to our Country.
Shri Ghai on behalf of our woollen industry would like to thank Hon’ble Minister of Finance Smt. Nirmala Sitharaman, Hon’ble Minister of Textiles Smt. Smriti Zubin Irani for considering reduction in Customs Duty.
The Wool & Woollens Export Promotion Council (W&WEPC) has been entrusted with the responsibilities to promote the exports of wool and wool blended products like woollen/acrylic knitwears, shawls, stoles, scarves, blankets, yarn, fabrics etc. Presently, the Council has more than 2000 members and it has been continuously undertaking various export promotional measures to project the considerable product range of wool and wool blended products, etc. in the major international markets. As a step to promote the exports, the Council is participating in international exhibitions in UK, USA, Canada, Australia, Germany, Peru, Italy, Russia, Baltic Region during current financial year under Government scheme.
In the history of the Council, we are organizing Indian Wool Exposition in New Delhi in February 2020 to provide platform for MSMEs of wool sector to showcase their strength to international buyers/importers. The Council is inviting potential buyers/importers from globe to visit this exposition. This initiative is under the ageis of Ministry of Commerce & Industry, Govt. of India under Market Access Initiative Scheme.
