Goods and Services Tax – GST – Dated:- 18-7-2017 – In a written reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST). Shri Jaitley said that the GST rate structure for the textile sector was discussed in detail in the GST Council Meeting held on 3rd June, 2017, wherein the Council recommended the detailed rate structure for the textile sector. Accordingly, the GST rates for the textile sector have been notified as under: S. No. Type of fibre/filament GST rate Fibre Yarn Fabrics* Garments and made ups** 1. Silk Nil 5% 5% 5% / 12% 2.
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
nufacturers will not be able to get the credit of tax on previous stages Nil GST on fabrics will result in zero rating of imported fabrics, while domestic fabrics will continue to bear the burden of input taxes. Generally, the GST rates are equal or lower than the pre-GST tax incidence. And therefore, the price of fabrics is not likely to go up. It is not correct to say that textiles sector was never taxed in independent India. In fact, during 2003-04, the entire textiles sector was subjected to central excise duty. Necessary steps have been taken to facilitate taxpayers to take GST registration. GST Sewa Kendras have been set-up in various centres to handhold the taxpayers and to provide all necessary guidance regarding GST compliance. Thi
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =