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In its 46th meeting, Goods and Services Tax Council has decided to reconsider the GST hike on rate of textiles. Earlier, the council had decided to increase the rate to 12% from 5%. A panel has been set up to review the rate structure, which will announce its decision by February; till then the current rates are bound to follow.
On December 30, several states expressed their displeasure with the high tax rates being imposed on textile products and demanded the hike in the rate to be reconsidered. The Finance Ministry in November notified that a uniform tax rate of 12 % is to be applicable on manmade fibre, yarn and fabrics. At the moment, fibre is charged 18% GST while yarn and fabrics are charged 12% and 5% respectively.
Hike in GST rates for textiles to be reconsidered
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