Union Budget 2025: Apparel exporters seek tax incentives to boost shipments

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Union Budget 2025: Apparel exporters seek tax incentives to boost shipments - Business Standard

Quick Summary:

Apparel exporters body AEPC on Saturday urged the government to announce tax incentives, including removal of a provision requiring payments to MSMEs within 45 days to claim deductions and customs duty exemption on garment machinery imports.

Other demands include extension of concessional tax rate for new manufacturing units to encourage setting up of new garment units; simplification in the procedure of imports of trims and embellishments under IGCR (Import of Goods at Concessional Rate); and liberalizing e-commerce export procedures.

The Apparel Export Promotion Council (AEPC) has also requested that an interest equalization rate of 5 per cent be announced in the Budget, scheduled to be unveiled on February 1 by Finance Minister Nirmala Sitharaman.