The GST Council’s 46th meeting was held today in New Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting. Consequently, the existing GST rates in textile sector would continue beyond 1st January, 2022.
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Earlier there was notification issued according to which GST rates for majority of goods and services under textile sector was increased from 5% to 12 and because of which the basic textile goods were getting costlier. Notification 14/2021 CGST.
This move was announced to counter the inverted duty structure under GST but it got a negative feedback and now government has taken back it’s decision of increasing GST rate for textile sector in 46th GST council meeting held on 31.12.2021.
Thus, now all GST rate shall stay where it was earlier and there is no change in GST rate on textile sector.
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