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GST on man-made yarn reduced to 12%
07
Oct '17
Union finance minister Arun Jaitley chairing the 22nd meeting of the GST Council. He is flanked by MoS for finance Shiv Pratap Shukla (right) and Hasmukh Adhia. Courtesy: PIB
Union finance minister Arun Jaitley chairing the 22nd meeting of the GST Council. He is flanked by MoS for finance Shiv Pratap Shukla (right) and Hasmukh Adhia. Courtesy: PIB
The Goods and Services Tax (GST) rate on man-made yarn has been reduced to 12 per cent from the earlier 18 per cent. The decision was taken by the GST Council at its 22nd meeting in New Delhi. The GST on job work of zari (embroidery) has also been slashed to 5 per cent, from the previously agreed upon rate of 12 per cent, finance minister Arun Jaitely said.

The GST rate has been reduced to 12 per cent from the earlier 18 per cent on sewing thread of manmade filaments, whether or not put up for retail sale; all synthetic filament yarn, such as nylon, polyester, acrylic, etc; all artificial filament yarn, such as viscose rayon, Cuprammonium; sewing thread of manmade staple fibres; and yarn of manmade staple fibres, according to an official statement. The GST rate on real zari has been decreased from 12 per cent to 5 per cent.

Welcoming the announcement, Indian Texpreneurs Federation said, “The whole textile sector including man-made fibre (MMF) will grow with such an efficient GST structure. With GST Council’s historic decision of changing 18 per cent to 12 per cent rate for MMF yarn, we are confident about the growth of the entire value chain and India can make more blends and capture more market share in global market. Once again, our Union government has proved that it’s a listening government to the genuine requests of the manufacturing sector.”

Making it easier for small and medium enterprises (SMEs) with an annual turnover of up to Rs 1.5 crore, the GST Council has decided to allow these companies to file quarterly income returns and pay tax, instead of the current provision of monthly filings.

At a press conference after the GST Council meeting, Jaitley announced that processing of refund cheques for July exports would begin by October 10 and for August exports by October 18. He also announced the decision to refund a notional amount for the remaining months and later adjust the amount in the e-Wallet that will be implemented from April 1, 2018. (RKS)

Fibre2Fashion News Desk – India


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