Related Keywords: Association of buying agent, commission agent, export of service, foreign currency, MoU, readymade garment, service tax, Textile, textile export, Union Finance Ministry
The Association of Buying Agents for Textiles has submitted a memorandum to the Union Finance Ministry seeking relief from service tax levied on them in the recent Budget. The textile buying agents so far were exempted from service tax, as it amounted to export of services and were earning foreign currency for the country, said M Anand, General Secretary of the association.
There are over 700 such agents across the country who play a vital role in garment exports as close to 80 per cent of the export business is generated through them.
