Silk assn. welcomes move to defer GST hike

The Silk Association of India has welcomed the Central Government’s decision to defer the hike in GST on silk textile goods proposed to be implemented from January 1, 2022.“The decision of maintaining

The Silk Association of India has welcomed the Central Government’s decision to defer the hike in GST on silk textile goods proposed to be implemented from January 1, 2022.

“The decision of maintaining the status quo of 5 per cent GST will boost our morale and go a long way in maintaining the momentum of the silk industry’s progress hard earned during the recent times”, said the Silk Association of India in a statement here on Saturday.

The GST Council met on December 31, 2021, and decided to defer the impending GST hike to 12 per cent. “Dropping the proposal of GST hike once and for all will enable the silk industry to recover from the present jolt of COVID-19 and other adverse conditions”, said Association’s Secretary M. Ramachandra Gowda in a statement.