Interest equalization rate for pre & post shipment credit for MSME Textile exporters enhanced: Irani

New Delhi, July 12 -- Government has enhanced interest equalization rate for pre and post shipment credit for exports done by Micro, Small and Medium Enterprises (MSMEs) of textile sector from 3% to 5% from November 2, 2018, said Smriti Zubin Irani, Union Minister of Textiles.

In a written reply to Lok Sabha, she said Benefits of Interest Equalization Scheme has been extended to merchant exporters from 2.01.2019 which was earlier limited to only manufacturer exporters.

To reduce the cost of garment industry, GST rate on manmade fibre yarns has been reduced from 18% to 12%, Irani added.

GST rates for garments and made up articles is 5% of sale value not exceeding Rs 1000 per piece and 12% for articles of sale value exceeding Rs 1000 pe...