Govt notifies 12% GST rate on MMF, Yarn, Fabrics from 1st January
- The Union Govt has notified uniform goods and services tax rate at 12% on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.
- The changed rates will come into effect from 1st January of next year.
- This will help the MMF segment grow and emerge as a big job provider in the country.
- The textiles and apparel industry was having long-pending demand for removal of inverted tax structure on MMF value chain.