Garments, footwear may become costlier
3 years, 3 months ago

Garments, footwear may become costlier

Hindustan Times  

Garments and footwear may become costlier from January 1 as plans are afoot to hike GST on them from 5% to 12% to correct the existing inverted duty structure, two people aware of the development said requesting anonymity. The GST Council had on September 17 announced its decision to correct the duty inversion on textiles and footwear value chain from January 1, but it did not disclose details of the tax rates. A 12% GST rate is under consideration for a bulk of products under the two segments – textiles and footwear – that will effectively correct duty inversions and allow manufacturers to take the full input tax credit, the people mentioned above said. The GST Council, which is the final authority on this matter, may continue the dual rate structure—12% for the bulk of apparel and footwear meant for masses and 18% on higher-value products for rich customers —for social equity, the second person said.

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History of this topic

GST Council meets to decide on lower taxes on insurance policies, ATF inclusion
Trending News
2 weeks, 6 days ago

GST Council meets to decide on lower taxes on insurance policies, ATF inclusion

Deccan Chronicle  

Jaisalmer: The 55th GST Council meeting which is expected to decide on reducing the tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. However, 18 per cent GST will continue on premiums paid for policies with health insurance cover of over Rs 5 lakh. The four-tier tax slab of 5, 12, …

Insurance, plane fuel might get cheaper as GST Council mulls lowering taxes
2 weeks, 6 days ago

Insurance, plane fuel might get cheaper as GST Council mulls lowering taxes

Hindustan Times  

The 55th GST Council meeting which is expected to decide on reducing tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. However, 18 per cent GST will continue on premiums paid for policies with health insurance cover of over ₹5 lakh. The four-tier tax slab of 5, 12, 18 and 28 …

GST Council postpones decision to cut tax on insurance, rate panel defers report submission
Top News
2 weeks, 6 days ago

GST Council postpones decision to cut tax on insurance, rate panel defers report submission

The Hindu  

A GST Council meeting on Saturday postponed a decision on reducing taxes on health and life insurance, while the much talked-about GoM recommendation of rate rejig in 148 items was not tabled before the Council. “We will submit the GoM report on rate rationalisation in next meeting of Council,” said Mr. Chaudhary who is the convenor of the panel. The …

55th GST Council Meeting begins: What could become costlier or cheaper today
2 weeks, 6 days ago

55th GST Council Meeting begins: What could become costlier or cheaper today

India Today  

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, has brought together ministers from 28 states, two Union Territories, and key stakeholders to deliberate on sweeping tax reforms. FOOD DELIVERY PLATFORMS In a move to ease costs for food delivery services like Swiggy and Zomato, the GST rate may be reduced from 18% with input tax credit to …

GST Council to decide on cutting taxes on insurance premium, rate rejig on host of items
3 weeks ago

GST Council to decide on cutting taxes on insurance premium, rate rejig on host of items

The Hindu  

The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35% tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising State counterparts, …

Proposal to impose 35% GST on ’sin goods’ not a good idea: SJM
3 weeks, 1 day ago

Proposal to impose 35% GST on ’sin goods’ not a good idea: SJM

Live Mint  

New Delhi, Dec 18 Swadeshi Jagran Manch has dubbed the proposal to introduce 35 per cent GST on "sin goods" like aerated beverages and tobacco products as a "bad idea" as it would lead to smuggling and loss of revenue for the country. Earlier this month, the Group of Ministers recommended a special rate of 35 per cent on sin …

Retailers urge FM and GST Council not to go for higher 35 pc tax rate
4 weeks ago

Retailers urge FM and GST Council not to go for higher 35 pc tax rate

Live Mint  

New Delhi, Dec 12 Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products. The sellers body is of the view that …

CMAI Warns Of 100,000 Job Losses, MSME Closures Due To GST Hike On Apparel
1 month ago

CMAI Warns Of 100,000 Job Losses, MSME Closures Due To GST Hike On Apparel

ABP News  

The Clothing Manufacturers Association of India has raised concerns over the proposed GST rate rationalisation by the Group of Ministers, chaired by Bihar's Deputy Chief Minister Samrat Chaudhary. Under the new recommendations, ready-made garments priced up to Rs 1,500 will maintain the current 5 per cent GST rate, but those priced between Rs 1,500 and Rs 10,000 would face a …

Wedding season blues: Garment makers caution against GST rate hike
Trending News
1 month ago

Wedding season blues: Garment makers caution against GST rate hike

Live Mint  

New Delhi: An increase in the goods and services tax rate on certain readymade garments, currently being discussed by a ministerial panel, could be a dampener for the ongoing wedding season, textile manufacturers said. ‘Big shocker’ Talking to Mint over the phone, Rahul Mehta, chief mentor of CMAI, which represents the readymade garment sector, expressed concern over the proposed 28% …

GoM proposes GST hike: Cigarettes, tobacco, aerated beverages may be hiked to 35%; GST Council decision on Dec 21
1 month, 1 week ago

GoM proposes GST hike: Cigarettes, tobacco, aerated beverages may be hiked to 35%; GST Council decision on Dec 21

The Hindu  

The GoM on GST rate rationalisation on Monday decided to hike tax on sin goods like aerated beverages, cigarettes, tobacco and related products to 35% from the present 28%, an official said. In total, the GoM on rate rationalisation will propose tax rate tweaks on 148 items to the GST Council. The four-tier tax slab of 5, 12, 18, and …

GST on cigarettes, tobacco, aerated beverages likely to be hiked: Here’s what we know
Trending News
1 month, 1 week ago

GST on cigarettes, tobacco, aerated beverages likely to be hiked: Here’s what we know

Live Mint  

The Group of Ministers on Monday, December 2 decided to hike the rate of goods and service tax charged on goods like aerated beverages, cigarettes, tobacco and related products to 35 per cent, from its current level of 28 per cent, reported the news agency PTI citing an official aware of the development. The four-tier tax slab of 5, 12, …

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance
1 month, 1 week ago

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance

Deccan Chronicle  

New Delhi: About 70-75 per cent of GST revenues collected in 2023-24 fiscal year came from the 18 per cent slab, while just 5-6 per cent came from the 12 per cent bracket, Parliament was informed on Monday. The average GST rate has fallen below the revenue neutral rate of 15.3 per cent, prompting the need to start discussions on …

GST rate rationalisation: GoM discusses pruning 12% slab, next meeting on October 20
3 months, 2 weeks ago

GST rate rationalisation: GoM discusses pruning 12% slab, next meeting on October 20

The Hindu  

The Group of Ministers on GST rate rationalisation has discussed tax rate tweaks on over 100 items, including lowering taxes on certain goods from 12% to 5%, to give relief to the common man, West Bengal Finance Minister Chandrima Bhattacharya said on Thursday, September 26, 2024. She said items used by the common man should attract lower tax rates and …

A reform window: On the GST trajectory
9 months, 1 week ago

A reform window: On the GST trajectory

The Hindu  

The financial year 2023-24 appears to have ended on a high on the revenue front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax has yielded a robust ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest …

Budget 2024: Apparel sector seeks GST uniformity, enhanced interest subsidies to boost domestic manufacturing
11 months, 2 weeks ago

Budget 2024: Apparel sector seeks GST uniformity, enhanced interest subsidies to boost domestic manufacturing

India TV News  

The Apparel Export Promotion Council has requested tax incentives, including uniformity in the Goods and Services Tax and increased interest subsidies, to bolster domestic manufacturing and India's exports. AEPC has requested the government increase the rates under the scheme to 5 per cent for all the apparel exporters," it said. Additionally, AEPC recommended a uniform 5 per cent GST across …

GST collections rise 11.5% to cross ₹1.57 lakh crore in May 2023
1 year, 7 months ago

GST collections rise 11.5% to cross ₹1.57 lakh crore in May 2023

The Hindu  

India’s gross Goods & Services Tax collections grew 11.5% in May — the slowest uptick in six months — to cross ₹1.57 lakh crore, with revenues from domestic transactions rising 11% and imports yielding 12% more taxes than a year ago. Sequentially, May’s revenues, for transactions undertaken in April, the first month of the new financial year, were the lowest …

Tax transitions: The Hindu Editorial on GST revenue trends
1 year, 10 months ago

Tax transitions: The Hindu Editorial on GST revenue trends

The Hindu  

The nearly ₹1.5 lakh crore of gross Goods and Services Tax collections in February are notable from several aspects. First, they mark the 12th successive month that GST revenues have stayed over ₹1.4 lakh crore, and the fourth highest single month kitty since the launch of the GST regime. The average monthly GST collections in the first 11 months of …

Steady GST hum
1 year, 10 months ago

Steady GST hum

Live Mint  

Goods and services tax revenue figures for February released by the government on Wednesday show that collections climbed 12% from a year earlier to almost ₹1.5 trillion. February’s collections mark 12 months in a row of GST revenue exceeding ₹1.4 trillion. As the economy’s formalization rises and government efforts to draw small businesses into the tax net bear fruit, GST …

Wholesale food grain trade exempted from GST levy
2 years, 5 months ago

Wholesale food grain trade exempted from GST levy

Deccan Chronicle  

Chennai: The transactions of unbranded food grains and other products dealt by wholesalers will be kept out of GST rates, the government told a traders body. The Cait, meanwhile, said it will launch a nationwide movement from July 26 to demand a new GST law and review of rules afresh for radical changes in the GST. It said both the …

Highest 28% GST on luxury, sin goods to continue: Revenue Secy
2 years, 6 months ago

Highest 28% GST on luxury, sin goods to continue: Revenue Secy

Deccan Chronicle  

New Delhi: The government intends to continue with the top GST slab of 28 per cent for luxury and sin goods, but is open to discuss narrowing down the three slabs of 5, 12 and 18 per cent into two, Revenue Secretary Tarun Bajaj said on Monday. Addressing the industry leaders, Bajaj said the rate rationalisation exercise of the GST …

Highest 28% GST on luxury, sin goods to continue: Revenue Secretary Tarun Bajaj
2 years, 6 months ago

Highest 28% GST on luxury, sin goods to continue: Revenue Secretary Tarun Bajaj

India TV News  

Highlights We will have to wait for some time, Bajaj said on bringing petroleum products under GST As per an RBI study, the weighted average tax rate under the GST has come down to 11.6% At the time of its launch, it was at 14.4% The top GST slab of 28 per cent for luxury and sin goods would continue, …

GST new rates: Check full list of goods, services that get costlier, cheaper
2 years, 6 months ago

GST new rates: Check full list of goods, services that get costlier, cheaper

Live Mint  

The 47th GST council meeting was held under the chairmanship of Union finance minister Nirmala Sitharaman on Wednesday, during which, approval for changes in tax rates was given for several goods and services. Check what will get costlier in the coming month: Goods/Services Older rate New rate Printing, writing or drawing ink 12% 18% Knives, pencil sharpners, blades, forks, spoons, …

Government hikes GST for household items
2 years, 6 months ago

Government hikes GST for household items

The Hindu  

From July 18, tax hikes will kick in for over two dozen goods and services, ranging from unbranded food items, curd and butter milk to low-cost hotels, cheques and maps, the Goods and Services Tax Council decided after a marathon two-day meet that concluded on Wednesday. Exemptions and concessional rates on several items shall be withdrawn, based on recommendations of …

GST new rates explained: Full list of items, services to get costlier
2 years, 6 months ago

GST new rates explained: Full list of items, services to get costlier

India Today  

A number of items are set to attract Goods and Service Tax after the GST Council approved changes in the tax rates on some goods and services with a view to rationalising the levy. The decision was taken by the GST Council - the highest decision-making body on the levy of goods and services tax, headed by Union Finance Minister …

GST: What are the four different tax slabs under it
2 years, 6 months ago

GST: What are the four different tax slabs under it

Live Mint  

The Goods and Service Tax came into effect in India on July 1, 2017. GST structure in India has different slab rates that are applicable for different types of goods. 5 percent slab Some goods and services that fall under this category include tea, coffee, fertilizers, restaurant food, newspaper 12 percent slab Dry fruits, fruit juices, ghee, pen ink, milk …

5 per cent GST rate may give way for 3%, 8% slabs
2 years, 8 months ago

5 per cent GST rate may give way for 3%, 8% slabs

Deccan Chronicle  

New Delhi: With most states on board to raise revenue so that they do not have to depend on Centre for compensation, the GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to …

GST Council may do away with 5% rate, move items to 3% & 8% slabs
2 years, 8 months ago

GST Council may do away with 5% rate, move items to 3% & 8% slabs

India TV News  

Highlights GST Council may to do away with the 5 per cent slab Goods of mass consumption may be moved to 3 per cent, remaining to 8 per cent categories Currently, GST is a four-tier structure of 5, 12, 18 and 28 per cent With most states on board to raise revenue so that they do not have to depend …

GST Lowest Slab May Increase to 8% Soon; Your Monthly Budget to Rise
2 years, 9 months ago

GST Lowest Slab May Increase to 8% Soon; Your Monthly Budget to Rise

News 18  

The Goods and Services Tax Council in its next meeting might raise the lowest tax slab to 8 per cent, from 5 per cent, according to a report. As the GST Council looks to raise revenues and do away with states’ dependence on the Centre for compensation, the tax body in its next meeting may look at raising the lowest …

GST: Move to raise lowest slab to 8%
2 years, 10 months ago

GST: Move to raise lowest slab to 8%

Deccan Chronicle  

New Delhi: Looking for various ways to augment revenue for the states and reduce their dependence on the Centre for compensation, the GST Council, in its forthcoming meeting, is likely to push for raising the lowest tax slab to 8 per cent from 5 per cent currently. Besides, luxury and sin goods attract cess on top of the highest 28 …

GST Council may consider proposal to raise lowest slab to 8 pc, rationalise tax slabs
2 years, 10 months ago

GST Council may consider proposal to raise lowest slab to 8 pc, rationalise tax slabs

India TV News  

Highlights A panel of state finance ministers is likely to submit its report by this month end The report will suggest various steps to raise revenue Currently, GST is a four-tier structure attracting a tax rate of 5, 12, 18 and 28 per cent The GST Council in its next meeting may look at raising the lowest tax slab to …

₹1.29L-cr GST kitty in Dec indicates robust economic activity
3 years ago

₹1.29L-cr GST kitty in Dec indicates robust economic activity

Hindustan Times  

New Delhi: The Goods and Services Tax collection in December last year was ₹1,29,780 crore, marginally lower than the ₹1.30 lakh crore figure achieved in the two preceding months, but a 12.7% increase on an annual basis, official data showed on Saturday. The December collections were marginally lower than ₹1.31 lakh crore in November, government data showed, but were 25.8% …

GST Council defers tax hike on textiles
3 years ago

GST Council defers tax hike on textiles

Hindustan Times  

New Delhi The Goods and Services Tax Council on Friday deferred its decision to raise tax on textiles from January 1, but the bulk of footwear may become costlier from Saturday as GST on low-end products is set to jump from 5% to 12% on the first day of the New Year. Union finance minister Nirmala Sitharaman on Friday said …

GST Council defers hike on textiles from 5% to 12%; GoM to recommend rate by Feb
3 years ago

GST Council defers hike on textiles from 5% to 12%; GoM to recommend rate by Feb

Firstpost  

In the Council meet in September, it was decided that a 12 percent uniform GST rate would apply on textile products, except cotton, including readymade garments New Delhi: Heeding to demands made by several states, the GST Council on Friday put on hold a decision to hike the tax rate on textiles to 12 percent and referred to a panel …

GST Council defers implementation of tax rate hike on textiles
3 years ago

GST Council defers implementation of tax rate hike on textiles

India TV News  

The GST Council on Friday decided to put on hold the decision to hike tax rate on textiles to 12 per cent after many states, including Tamil Nadu and West Bengal, opposed the move, an official said. It was also decided that 12 per cent uniform GST rate would apply on textile products, except cotton, including readymade garments. States like …

Relief for textile industry after GST Council defers decision to hike tax from 5% to 12%
3 years ago

Relief for textile industry after GST Council defers decision to hike tax from 5% to 12%

Firstpost  

States like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu had earlier said that they are not in favour of a hike in GST rate on textiles The GST Council has deferred its decision to hike the tax on textiles from five percent to 12 percent, following objections from states and officials from the industry. States like Gujarat, West Bengal, …

GST Changes from January 1: From Garment Prices to Cab Fares, Key GST Changes to Know
3 years ago

GST Changes from January 1: From Garment Prices to Cab Fares, Key GST Changes to Know

News 18  

GST Changes from January 1: The new year, 2022, is set to see a host of changes in terms of Goods and Service Tax, or GST, in India. Also, the correction in inverted duty structure in footwear and textile sectors would come into effect from Saturday wherein all footwear, irrespective of prices, will attract GST at 12 per cent while …

Govt announces uniform 12 per cent GST on apparel, fabric and footwear
3 years, 1 month ago

Govt announces uniform 12 per cent GST on apparel, fabric and footwear

Op India  

The Finance Ministry of India on Monday said the uniform GST rate of 12 per cent on manmade fibre yarns, MMF fabrics and apparel will reduce the reduce the compliance burden of the industry, providing a clarity and settling for once the chronic issues arising from the inverted tax structure. “The Textiles & Apparel industry was having long pending demand …

Industry expresses disappointment after Centre notifies higher GST rates for textiles, clothing
3 years, 1 month ago

Industry expresses disappointment after Centre notifies higher GST rates for textiles, clothing

The Hindu  

The Centre's notification of higher GST rates for several textile and apparel items from January 2022, has come as a blow to micro, small and medium-scale textile and clothing units, with industry groups asserting that the move will push up prices for consumers and spur inflation. In an industry, where almost 80% of the units are in the MSME segment, …

Clothes, footwear may get costlier from next January
3 years, 3 months ago

Clothes, footwear may get costlier from next January

Live Mint  

Garments and footwear may become costlier from January as plans are afoot to raise goods and services tax on these products from 5% to 12% to correct the existing inverted duty structure, two people aware of the development said. The GST Council may continue the dual rate structure which will be 12% for the bulk of apparel and footwear meant …

Council raises GST on low-cost footwear, garments to 12%
3 years, 3 months ago

Council raises GST on low-cost footwear, garments to 12%

The Hindu  

In its first physical meeting in two years, the GST Council on Friday effected several long-pending tweaks in tax rates including an increase in the GST levied on footwear costing less than ₹1,000 as well as readymade garments and fabrics to 12% from 5%. The Council also decided to extend the concessional tax rates granted for COVID-19 medicines like Amphotericin …

Mobile phones, man-made clothes likely to go costly as govt mulls 18% GST
4 years, 9 months ago

Mobile phones, man-made clothes likely to go costly as govt mulls 18% GST

India TV News  

GST rates on mobile phones, fertilisers, man-made fabrics and garments are likely to be hiked to 18 per cent in the next GST Council meeting on March 14. Currently, under the goods and services tax, certain manufactured goods attract a tax rate of 5 per cent or 12 per cent while their inputs, input services and capital goods attract GST …

GST on cellphones, footwear, textiles to be rationalised on March 14
4 years, 9 months ago

GST on cellphones, footwear, textiles to be rationalised on March 14

India TV News  

The GST Council is likely to rationalise tax rates on five sectors, including mobile phones, footwear and textiles, and defer implementation of the new return filing system and e-invoicing in its meeting on March 14. "The Council would discuss rationalisation of GST rate in sectors which see duty inversion, leading to high input credit refund claims," an official told PTI. …

Budget expectations: Still reeling from GST, demonetisation, Kanpur manufacturers demand major reforms
4 years, 11 months ago

Budget expectations: Still reeling from GST, demonetisation, Kanpur manufacturers demand major reforms

India Today  

With just days before the presentation of Union Budget 2020, manufacturers in Kanpur, Uttar Pradesh have once again expressed displeasure over the continued economic loss that unfolded after the implementation of Goods and Services Tax and demonetisation across the country. "There should be a uniform GST slab for all wooden items and a rate cut in the upcoming budget," demanded …

GST Council may go for 3 rate slabs; could make phones and air travel pricier
5 years ago

GST Council may go for 3 rate slabs; could make phones and air travel pricier

Hindustan Times  

The GST Council could reduce the four tax slabs that currently exist – 5%, 12%, 18%, and 28% – to three – 8%, 18%, and 28% – two government officials familiar with the matter said on condition of anonymity, adding that the move is aimed at increasing tax revenue by raising taxes on products and services used primarily by the …

From hotel tariffs to cars, GST Council to decide to tax rate cut tomorrow
5 years, 3 months ago

From hotel tariffs to cars, GST Council to decide to tax rate cut tomorrow

Live Mint  

Amid clamour for rate cut by various industries, the all powerful GST Council will hold a crucial meeting on Friday to decide on tax moderation, keeping in mind the revenue position and the need to boost sagging economic growth. Meanwhile, according to sources, the GST Council's Fitment Committee, which comprises revenue officials of both Centre and States, has rejected demands …

Union Budget 2019: Sanitaryware industry urges govt to cut GST, encourage personal hygiene
5 years, 6 months ago

Union Budget 2019: Sanitaryware industry urges govt to cut GST, encourage personal hygiene

Firstpost  

Kolkata: The sanitaryware industry has urged the Centre to rationalize Goods and Services Tax to 5 percent from the existing 18 percent to pare down the cost and encourage personal hygiene. “The manufacturers have therefore requested to the GST council to lower the rates from the current 18 percent to 5 percent and help improve sanitation levels in the country,” …

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