GST Council Meeting Defers Hike In GST On Textile

GST Council Meeting Defers Hike In GST On Textile

GST Council meeting was held today in Delhi. It was chaired by Union Finance Minister Nirmala Sitharaman. In the meeting, the discussion was made on the topic of not increasing the tax rate on textile.

Earlier this year it was announced by the government that tax will be increased on textiles from 5% to 12% from January 2021.

In the meeting, Nirmala Sitharaman did not give any clarification on the subject and said that it will be discussed later.

Many states in India have raised objections as it will increase the rate of textiles. Gujarat, Delhi, West Bengal, Tamil Nadu, Rajasthan have raised their concerns.

Delhi Deputy Chief Minister Manish Sisodia said, “The government won’t let the common man’s voice be suppressed.” He said that textile traders are protesting against the decision and their concerns are justified. Aam Aadmi Party will give them support and speak for them.

West Bengal former Finance Minister Amit Mitra made a request to the Centre to roll back its decision. He said that it will cause the closure of nearly 1 lakh textile units and 15 lakh job losses.

46th GST Council Meeting was held today in the capital. Union Finance Minister Nirmala Sitharaman, Union Ministers of State in Ministry of Finance Pankaj Chaudhary, and Bhagwat Kishanrao Karad were present in the meeting.

The meeting was significant because it has held before Union Budget for 2022-23. On February 1, 2022, the budget is scheduled to be presented in Parliament.

Also Read: How To Save Tax In Financial Year 2022: 10 Points

The government has not rolled back its decision on the tax hike but will discuss it later.

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