Govt withdraws tax breaks for raw cotton exports

NEW DELHI: Govt has withdrawn tax incentives for raw cotton exports with retrospective effect from April 21, 2010, a government statement said.
"When the intention of the government is not to encourage exports of specific commodity, DEPB benefit ... would be contradictory to its intention," the statement said.
DEPB is a tax incentive of around 1.5 percent on value of the exports, according to traders.
Govt had allowed export of 5.5 million bales of cotton from Oct. 1, 2010.

(Source: http://economictimes.indiatimes.com/news/economy/foreign-trade/govt-withdraws-tax-breaks-for-raw-cotton-exports/articleshow/7841804.cms)