Skip to main content

GST Council unanimously decides to defer GST hike in textiles from 5% to 12%


GST Council unanimously decides to defer GST hike in textiles from 5% to 12%

Follow us on - 

Youtube - https://www.youtube.com/user/aseemaggarwal92
Twitter - https://twitter.com/aseem252
Blog - https://aseemconsult.blogspot.com/ 

The GST Council has unanimously decided to defer the GST hike in textiles from 5 per cent to 12 per cent. More to come during a media briefing by the finance minister at 3:00 pm.

In a relief to the textiles industry, the GST Council, on Friday, has unanimously decided to defer hike in GST on textiles from 5 per cent to 12 per cent. However, the matter is to be discussed again in the next Council meet for future roadmap.

The decision came as the Finance Minister Nirmala Sitharaman is chairing the 46th meeting of the GST Council today. Union Finance Minister is to address a media briefing on the outcomes of the meeting at 3:00 PM (tentative) in New Delhi, confirmed PIB India.

The GST rate hike on textiles was to come into effect from January 1, 2022.

Several states like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu had flagged higher tax rate on textile products on December 20 and had demanded that the rate hike be put on hold.

Currently, a 5 per cent tax on sales of up to Rs 1,000 per piece is charged, whereas the recommendation of the GST Council to increase the rates on textiles from 5 per cent to 12 per cent would have impacted small traders in the sector as well as the consumers.

In case of any queries, suggestions, the author can be reached at following details - 

Regards 
Aseem Aggarwal
CA, CPA, CS, B.Com(H)
+91 7508000350
aseem@ksafirm.com

Source: https://www.financialexpress.com/industry/gst-council-unanimously-decides-to-defer-gst-hike-in-textiles-from-5-to-12/2395203/?utm_source=newzmate&utm_medium=email&utm_campaign=femain&pnespid=DLIt5kRFtDgAxF3M7pzaDxFP_gM70r0pux8UH.kdasDKfpQtSbCl2BN6KWbCRymXnmP70QKp

Comments

Post a Comment

Popular posts from this blog

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...
Post a Comment
Read more

Government is considering GST Relief package to reduce Covid Impact

For More related articles and updates, connect with us -  LinkedIn- https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 India is considering a goods and services tax (GST) relief package to counter the impact of Covid-19 and help prop up the economy, said people with knowledge of the matter. The package being considered could include a six-month suspension of GST payments for the worst-hit sectors such as restaurants, aviation and hospitality as well as a lower rate for the real estate sector. Other proposals include a switch to a cash-based principle of levying tax from the current invoice-based system and providing GST relief on sales for which payment is not received due to the lockdown by treating those as bad debts. These measures are expected to ease the liquidity pressure on businesses that are strapped for cash, said the people cited abov...
1 comment
Read more

GST officers to be soon armed with real-time data on vehicles moving without e-way bills

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading.  It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders. Under the Goods and Services Tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exemp...
2 comments
Read more