GST Council defers implementation of tax rate hike on textiles
The Hindu
Currently, tax rate on manmade fibre (MMF) is 18 per cent, MMF yarn 12 per cent, while fabrics are taxed at 5 per cent.
The GST Council on Friday decided to put on hold the decision to hike tax rate on textiles to 12 per cent after many states, including Tamil Nadu and West Bengal, opposed the move, an official said.
The 46th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided to deliberate on the issue further in its next meeting.
Currently, tax rate on manmade fibre (MMF) is 18 per cent, MMF yarn 12 per cent, while fabrics are taxed at 5 per cent.
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