The Goods and Services Tax (GST) Council on Friday decided to defer the tax rate hike on textiles from 5 per cent to 12 per cent. 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 per cent to 12 per cent). The Council will review this matter in its next meeting in February 2022, Bikram Singh, Industry Minister, Himachal Pradesh, told reporters.
( With inputs from ANI )
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