Quick Summary
The Group of Ministers (GoM) on GST rate rationalisation has recommended that the existing nil GST exemption on handloom products and raw silk should continue, offering much-needed relief to artisans and small weavers across the country, officials said. The panel has advised maintaining the status quo by keeping handloom items produced by traditional weavers at 0% GST, as opposed to the 5% levy that was originally under consideration. It has also suggested retaining nil GST on raw silk and silk
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FAQ :
The GoM has recommended that the existing nil GST exemption on handloom products should continue.
No, the GoM has suggested retaining nil GST on raw silk and silk weaving materials.
The recommendation is aimed at safeguarding the livelihoods of lakhs of artisans and small-scale weavers, protecting the competitiveness of locally made goods, and supporting India's cultural heritage.
A 5% GST levy was originally under consideration for handloom items.
The GoM's recommendations will be placed before the GST Council in its upcoming meeting for a final decision.
The handloom industry is a significant source of income for millions and an important part of India's cultural heritage and export portfolio, with exports valued at over Rs 27,000 crore in FY24.
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