GST & Latest Policy
GST Rates for Handloom HS codes at 4 Digit level |
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Chapter – 50 | |||
Silk | |||
Tariff Item | Description | GST Rates | |
1. | 5007 | Woven fabrics of silk or of silk waste | 5% (With no refund of ITC accumulation) 5% (With no refund of ITC accumulation) |
Chapter – 51 | |||
Wool, finer coarse animal hair; horsehair yarn and woven fabric | |||
Tariff Item | Description | GST Rates | |
2. | 5112 | Woven fabrics of combed wool or of combed fine animal hair | 5% (With no refund of ITC accumulation) 5% (With no refund of ITC accumulation) |
Chapter – 52 | |||
Cotton | |||
Tariff Item | Description | GST Rates | |
3. | 5208 | Woven fabrics of cotton, containing 85% or more by weight of cotton weighing not more than 200gsm | 5% (With no refund of ITC accumulation) 5% (With no refund of ITC accumulation) |
4. | 5209 | Woven fabrics of cotton, containing 85% or more by weight of cotton weighing more than 200gsm | |
Chapter – 57 | |||
Carpets and other Textile floor coverings | |||
Tariff Item | Description | GST Rates | |
5. | 5702 | Carpets and other Textile floor coverings, Woven not tufted or flocked whether or not made up, including “Kelem”,“Schumacks”,“Karamanie” and similar hand-woven rugs. | 5% |
6. | 5705 | Other carpets and other textile floor coverings, whether or not made up. | |
Chapter – 58 | |||
Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery | |||
Tariff Item | Description | GST Rates | |
7. | 5802 | Terry towelling and similar woven terry fabrics, other than narrow fabrics of heading 5806; tufted textile fabrics, other than products of heading 5703 | 12% |
Chapter – 62 | |||
Articles of apparel and clothing accessories, not knitted or crocheted | |||
Tariff Item | Description | GST Rates | |
8. | 6214 | Shawls, scarves, mufflers, mantillas, veils and the like | 5% for all goods of sale value not exceeding Rs 1000 per piece 12% for all goods of sale value exceeding Rs 1000per piece |
9. | 6216 | Gloves , mittens and mitts | |
Chapter – 63 | |||
Other made-up textile articles: sets; worn clothing and worn textile articles; rags | |||
Tariff Item | Description | GST Rates | |
10. | * 6302.10 | Bed linen,Knitted or crocheted, Toilet linen and kitchen linen, of terry towelling or similar terry fabrics | 5% for all goods of sale value not exceeding Rs 1000 per piece 12% for all goods of sale value exceeding Rs 1000per piece |
11. | 6304 | Other furnishing articles,excluding those of heading 94.04 | |
12. | 6307 | Other made up articles, including dress patterns | |
* Clarification is being sought whether tariff for goods under 6302.10 is applicable to all other goods under 6302 |
Salient features of Foreign Trade Policy 2015-2020 announced on April 1, 2015.
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The Foreign Trade Policy (FTP) comes into force with effect from 01.04.2015 and shall remain in force up to 31st March, 2020, unless otherwise specified.
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Government has focused on cutting down the transaction time and cost thereby rendering Indian exports more competitive.
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MSME clusters’ have been identified, based on the export potential of the product and the density of industries in the cluster, for focussed interventions to boost exports.
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Outreach activities shall be organized in a structured way with the help of Export Promotion Councils as ‘industry partners’ and other willing ‘knowledge partners’ in academia and research community to achieve the objective of Niryat Bandhu Scheme.
Forthcoming e-Governance Initiatives are:
(i) Message exchange for transmission of export reward scrips from DGFT to Customs.
(ii) Message exchange for transmission of Bills of Entry (import details) from Customs to DGFT.
(iii) Online issuance of Export Obligation Discharge Certificate (EODC).
(iv) Message exchange with Ministry of Corporate Affairs for CIN & DIN information.
(v) Message exchange with CBDT for PAN.
(vi) Acceptance of payment through debit / credit card for payment of application fee under FTP.
(vii) Open API for submission of e-IEC application.
(viii) Mobile Applications for FTP. - Single Window in Customs: To facilitate trade, the importer and exporter would lodge their clearance documents at a single point only. Required permission if any, from other regulatory agencies would be obtained online without the trader having to approach these agencies. This would reduce interface with Governmental agencies, dwell time and cost of doing business.
- Only one IEC is permitted against on Permanent Account Number (PAN). If any PAN card holder has more than one IEC, the extra IECs shall be disabled.
- Mandatory documents required for export of goods from India:
(a) Bill of Lading/Airway Bill
(b) Commercial Invoice cum Packing List*
(c) Shipping Bill/Bill of Export - Merchandise Exports from India Scheme (MEIS): A new scheme merging 5 different schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) MEIS has been notified. Exports of notified goods/products with ITC[HS] code, to notified markets as listed in Appendix 3B, shall be rewarded under MEIS. Duty Credit Scrips shall be granted as rewards under MEIS and SEIS. Duty Credit Scrips and goods imported / domestically procured against them shall be freely transferable.Exports of Handloom products bearing notified ITC HS codes are eligible for 7% of duty credit scrip to traditional markets (30 nos.), emerging & focus markets (139 nos.) and other markets (30 nos.).Exports of Handloom products through courier or foreign post office using e-commerce platform are eligible for benefit under MEIS.
- Status Holder:Status Holders are business leaders who have excelled in international trade and have successfully contributed to country’s foreign trade.
StatusCategory
ExportPerformance
FOB/FOR(asconverted)
Value(in INR)
One Star Export House
15 Cr
Two Star Export House
100 Cr
Three Star Export House
500 Cr
Four Star Export House
1500 Cr
Five Star Export House
5000 Cr
The exports by IEC holders under the following categories shall be granted double weightage for calculation of export performance for grant of status.
a. Micro, Small & Medium Enterprises (MSME) as defined in Micro, Small & Medium Enterprises Development (MSMED) Act 2006.
b. Manufacturing units having ISO/BIS.
c. Units located in North Eastern States including Sikkim and Jammu & Kashmir.
d. Units located in Agri Export Zones.Double Weightage shall be available for grant of One Star Export House Status category only.
Full text of Foreign Trade Policy 2015-2020 available at www.dgft.gov.in
All Industry Rates of Duty Drawback
Revised All Industry Rates of Duty Drawback has been announced and the rate revision is effective from 19.12.2018. Members may download the complete schedule from the link http://homesite.hepcindia.com/wp-content/uploads/2018/12/csnt95-2018.pdf
Interest equalization scheme (earlier known as interest subvention scheme)
Interest Equalisation scheme is now extended for another five years with effect from 1st April, 2015, on Pre & Post Shipment Rupee Export Credit. Members may download from the link https://pib.nic.in/newsite/PrintRelease.aspx?relid=131591 for complete information.
Interest subvention @2% for GST registered MSMEs