LM NEWS 24
LM NEWS 24

GST On Textiles Will Not Be Increased To 12%: Sitharaman

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.

The decision to maintain a status quo on the GST rate on textiles was taken in an “emergency meeting” of the GST Council held in the national capital under the chairmanship of the Union Finance Minister.
“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. (ANI)

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are essential in order to enable you to move around the website and use its features. Without these cookies basic services cannot be provided.

Cookie generated by applications based on the PHP language. This is a general purpose identifier used to maintain user session variables. It is normally a random generated number, how it is used can be specific to the site, but a good example is maintaining a logged-in status for a user between pages.
  • PHPSESSID

Used on sites built with Wordpress. Tests whether or not the browser has cookies enabled
  • wordpress_test_cookie

In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services
0
Would love your thoughts, please comment.x
()
x