GST rates revised for textile and clothing sector
The Hindu
Industry says the move is disappointing.
A notification issued by the Ministry of Finance on November 18, revising GST rates for several textile items from January 2022, has come as a blow to Micro, Small and Medium-scale textile and clothing industries.
In an industry, where almost 80 % of the units are in the MSME segment, fixing the rate at 12 % for fabrics and garments will only lead to higher prices for the common man, says Sanjay K. Jain, Chairman of Textiles Committee of the Indian Chamber of Commerce.
Mr. Jain said that with the notification, the manmade fibre (MMF) sector will have 12 % duty from fibre to garments and the cotton sector will have 5 % duty for cotton and yarn and 12 % for fabrics and garments.
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