GST Hike| Textile
GST council meeting defers rate hike on textiles amid opposition from states, industry
New Delhi/IBNS: The GST council meeting chaired by finance minister Nirmala Sitharaman Friday decided to defer the rate of hike on Textiles from 5 percent to 12 percent till the next meeting in February, media reports said.
According to Economic Times, Himachal Pradesh Chief Minister Vikram Singh told this to the media.
Various states and textile industry stakeholders had opposed the increase in GST from 5% to 12%, effective from January 1, on the grounds that it will burden the MSMEs and the unorganised sector with higher compliance costs and make the poor man's clothing expensive, ET reported.
"It is a one-point agenda (for Friday's council meeting). It is an agenda that many states have raised. In the agenda item it says that it was raised by Gujarat but I know that many states raised it. It (the move to raise the GST rate) should be stalled," said Tamil Nadu finance minister P Thiaga Rajan before the council meeting.
Union ministers of state in the Ministry of Finance, Pankaj Chaudhary and Bhagwat Kishanrao Karad, besides the senior officials in the Ministry of Finance, also attended the meeting.
The meeting holds significance as it is taking place ahead of the Union Budget for 2022-23, which is scheduled to be presented in Parliament on February 1, 2022.
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