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GST Council meeting concludes, matter on textile hike deferred
The GST Council meeting comes ahead of the Union Budget for 2022-23, which is scheduled to be presented in Parliament on February 1, 2022.
Updated : Dec 31, 2021, 02:21 PM IST | Edited by : Anupama Yadav
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The 46th meeting of the GST Council concluded in New Delhi today, December 31. The main agenda of the meeting was to discuss the hike in GST rates for textiles that come into effect from January 1, 2022.
The Council decided to defer the GST hike in rare textiles for 5 per cent to 12 per cent. The GST on footwear was discussed but no clear decision was taken. The meeting was chaired by Union Finance Minister Nirmala Sitharaman.
As per the earlier notification, all footwear that costs below Rs 1,000 will attract 12 per cent GST and other items like readymade textiles, except those made with cotton, will attract a GST of 12 per cent. All these items were previously sold at 5 per cent GST.
The decision to hike GST on textiles and footwear was taken at the 45th GST Council meeting in Lucknow on September 17.
The meeting holds significance as it is taking place ahead of the Union Budget for 2022-23, which is scheduled to be presented in Parliament on February 1, 2022.
