te GST Council delays hike in GST on textiles from 5% to 12% - Sources | Zee Business

GST Council delays hike in GST on textiles from 5% to 12% - Sources

GST Council has decided to defer hike in GST on textiles from 5 per cent to 12 per cent, as per the sources of Zee Business. The matter will be discussed again in the next Council meet for future roadmap.

GST Council delays hike in GST on textiles from 5% to 12% - Sources
The meeting was the extension to the pre-budget meeting of the Finance Minister with state finance ministers on December 30. Pic: Reuters

GST Council has decided to defer hike in GST on textiles from 5 per cent to 12 per cent, as per the sources of Zee Business. The matter will be discussed again in the next Council meet for future roadmap.

The GST rate hike on textiles from 5 per cent to 12 per cent was expected to be effective from January 1.
 
Many states were opposing the increase in GST on textiles from 5 per cent to 12 per cent. After considering this proposal again, the council will bring a new proposal.

The 46th Goods and Service Tax (GST) Council meet was chaired by Finance Minister Nirmala Sitharaman on December 31, in Delhi. The GST council members were expected to discuss GST rate rationalization among other things.

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The meeting was the extension to the pre-budget meeting of the Finance Minister with state finance ministers on December 30.

At present, there are four slabs in GST rates, 5 per cent, 12 per cent, 18 per cent and 28 per cent. The required items are either in the lowest slab or there is no tax on them. Luxury and demerit items are in the highest slab, which also attracts cess.

There are demands to make one slab by combining 12 per cent and 18 per cent slabs of GST.

It was expected that a decision would be taken to stop the increased rates on footwear and textiles for now.

Written By: ZeeBiz WebTeam
Edited By: ZeeBiz WebTeam
Updated: Fri, Dec 31, 2021
01:40 pm
ZeeBiz WebDesk
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