GST Council recommends deferring earlier decision to change the rates in textiles

GST Council recommends deferring earlier decision to change the rates in textiles

Existing rates in Textiles Sector to continue beyond 1st January, 2022

New Delhi, December 31, 2021

The Goods and Service Tax (GST) Council today recommended deferring the decision, taken at its last meeting, to change the rates in textiles.

Consequently, the existing rates in textile sector would continue beyond 1st January, 2022, the Council decided at its 46th meeting held today under the chairmanship of Union Finance Minister Nirmala Sitharaman.

The Department of Revenue had notified GST at the rate of 12 % on MMF, MMF yarn, fabrics and apparel on 18.11.2021which was to come into force from 1st January, 2022.

The Fabrics and Apparel Industry represented against this revision of GST slab from 5% to 12%.

Following this, Textiles Minister Piyush Goyal and Minister of State for Textiles Darshana Jardosh arranged meeting of a delegation of textiles industry and trade representatives with the Finance Minister regarding the concerns of textiles industries.

"Ministry of Textiles expresses its hearty thanks and is grateful to Prime Minister and Union Finance & Corporate Affairs Minister for considering the requests of industry stakeholders especially in present challenging times when the sector is on the path of recovery," a press release from the Ministry of Textiles added.

IANS

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