Existing GST rates in textile sector to continue: Finance Minister

Prameyanews English

Published By : Prameya News Bureau | December 31, 2021 IST

New Delhi, Dec 31: The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting on Friday. Consequently, the existing GST rates in textile sector would continue beyond January 1, 2022. Union Finance Minister Nirmala Sitharaman on Friday said the Goods and Services Tax (GST) Council has decided to defer the decision to increase tax on textiles from 5 per cent to 12 per cent. "We retain the status quo. We have decided don't go from 5 per cent to 12 per cent”, Sitharaman said in a media briefing after the GST Council meeting. Sitharaman said the issue of GST on textiles will be sent to the tax rate rationalisation committee, which will submit the report by February. Textile was the only issue in this meeting the finance minister said adding the issue of the increase in GST on footwear was not discussed during the meeting. The GST Council in a meeting held on September 17 in Lucknow had decided to hike GST on textiles and footwear items from 5 per cent to 12 per cent effective from January 1, 2022.

News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp

You Might Also Like

More From Related News

Copyright © 2024 - Summa Real Media Private Limited. All Rights Reserved.