NE BUSINESS BUREAU
NEW DELHI, DEC 31
Bowing to the demands of the textile merchants, the Goods and Services Tax (GST) Council on Friday decided to defer the tax rate hike on textiles from 5 percent to 12 percent. The new GST rate on textiles was scheduled to be implemented from January 1, 2022.
The decision to defer the GST rate hike on textiles was taken in the 46th GST Council meeting held in the national capital under the chairmanship of Union Finance Minister Nirmala Sitharaman.
GST Council has decided to defer the hike in GST rate on textiles (from 5 percent to 12 percent). The Council will review this matter in its next meeting in February 2022, Bikram Singh, Industry Minister, Himachal Pradesh, told reporters.
