The 46th meeting of the GST Council under the leadership of Union Finance Minister Nirmala Sitharaman is over and information will be given about the results of this meeting at 3 pm. Earlier, Himachal Pradesh Industries Minister Bikram Singh shared important information about the decisions taken after the meeting. He informed that the GST Council has decided to postpone the increase in the rate of GST on clothing from 5% to 12%. The council will review the matter at its next meeting in February 2022.
Many states were protesting
In the council meeting, while the increase in GST rates on clothing has been postponed till February 2022. Significantly, after many states including Tamil Nadu and West Bengal opposed this move, the GST Council has decided to stay its decision. The 46th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and chaired by state counterparts, decided to consider the issue further in its next meeting.
GST rate on clothing at present
At present, the rate of GST on man-made fiber (MMF) is 18 percent, on MMF yarn at 12 percent, while on the fabric it is applicable at the rate of 5 percent. The council, in its last meeting held on September 17, had decided to change the GST rate structure in the footwear and textile sectors.
Shoes and slippers will be expensive from the new year
In the meeting of the GST Council, it was decided that from January 1, 2022, all footwear will attract 12 percent GST, irrespective of the cost of this footwear. That is, whether the shoe is worth Rs 100 or Rs 1000, all will attract GST at the rate of 12 percent. Along with this, it was also decided that a 12 percent uniform GST rate would be applicable on textile products except for cotton including readymade garments.
No decision on reducing slab
It was believed that slabs could be reduced in today's meeting. The GST Council discussed the merger of 12 percent and 18 percent slabs in the meeting, but a decision could not be taken on it. According to the report, now the idea of reducing the tax on footwear and merging the two slabs will be considered in the next meeting of the council.
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