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The central government has increased the GST on clothes, footwear and textiles. That is, from January 1st it will become expensive to buy clothes and footwear.
It will become expensive to buy clothes and footwear. Earlier, the government used to charge GST on these goods at the rate of 5 per cent, but now it has been increased to 12 per cent. The new rates will be applicable from January 2022.
#GST Rate Increased from 01/01/2022— Taxation Updates ???? (@CaSondagar) November 19, 2021
For Fabrics from 5% to 12%
For Article of Apparel of any value 12%
(Earlier GST Rate was 5% for sale value upto Rs 1000 per piece)
For Footwear of any value 12%
(Earlier GST was 5% for sale value upto Rs 1000 per pair) pic.twitter.com/aSy6efQB8j
The Central Board of Direct Taxes (CBIT) has given information about this by issuing a notification. For a long time, there was a possibility that the government could increase the GST on ready-made and textiles.
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Let us tell you that now any fabric of any cost will attract GST at the rate of 12 per cent only. Earlier, GST was at the rate of 5 per cent on clothes up to one thousand rupees, but now GST will be charged at the rate of 12 per cent on all. Apart from this, GST will also be put on threads at the rate of 12 per cent.
Apart from this, the rate of 12 per cent will also be applicable on all woven yarn, synthetic thread, blanket, tent, table cloth, rugs, towel, napkin, handkerchief, carpet, rug, dough. At the same time, the rates of GST on footwear have been increased.
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The Clothing Manufacturers Association of India (CMAI) is opposing this move of the government. The organization says that the effect of the epidemic has not gone from the country yet. Business is still not seeing the kind of boom it used to see earlier. At the same time, the rates of GST have been increased by the government.
Due to this decision of the government, the general public will have to spend more than before. The impact of inflation is still being seen in the industry. With the prices of raw materials, especially yarn, packing material, there is a steady increase, due to which the prices of cloth may increase by about 15 to 20 per cent in the coming years.