TIMES OF UP

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

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


@PIB_India

Textiles Ministry has said that the existing rates of five per cent in textiles sector will continue beyond 1st of January, 2022. Earlier, the Department of Revenue had notified Goods and Services Tax at 12 per cent 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.

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