Recommendations of the 46th GST Council Meeting
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. As such, Textiles will continue to be taxable at 5% beyond 1st January 2022.
FM Nirmala Sitharaman has also said that the issue related to GST rate on textile will be sent to the rate rationalization committee which will submit a report by February.
As such, the FM has retained the status quo and has not gone to 12% from 5%. Textile was the only issue of discussion in this emergency GST Council Meeting.
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