Poket News

GST Council decides to retain status quo on GST rate on textile to 5%

 

  • The Textiles Ministry has said that the existing rates of 5% in the textiles sector will continue beyond 1st of January, 2022. 
  • Earlier, the Department of Revenue had notified Goods and Services Tax at 12% on Man-made fibres, fabrics and apparel on 18th November this year, which was to come into force from 1st of January.
  • The Ministry of Textiles thanked Finance Minister Nirmala Sitharaman for considering the requests of industry stakeholders especially in present challenging times when the sector is on the path of recovery.