Man-made apparel up to Rs 1,000 will attract a 5 per cent tax and those above Rs 1,000 will attract 12 per cent.Jaitley, however, had ruled out cutting tax rates for the textiles sector, saying a zero per cent GST on fabrics will break the input tax credit chain for the domestic industry and make imported items cheaper. So far, it has been going all right," she told PTI here.. In a short while, we are going to finalise the entire mechanism as far as anti-profiteering is concerned," he had said in Parliament.."What if input tax benefit is not transferred to consumers? . This GST provision requires any goods more than Rs 50,000 in value to be pre-registered online before it can be moved. Apart from reviewing the rollout of the GST regime, the 19th meeting of the Council may tomorrow take a look at streamlining the anomalies raised by the industry over the past one month, said an official, who did not want to be named.
As per the rates decided by the Council, in the textiles category, silk and jute fibre have been exempted, while cotton and natural fibre and all kinds of yarns will be levied a 5 per cent GST.Man-made fibre and yarn will, however, attract an 18 per cent tax rate. After the July 1 rollout, the textile sector had protested, demanding rollback of 5 per cent GST on fabrics.The Council, headed by Finance Minister Arun Jaitley, will also review at its meeting the implementation of the new Goods and Services Tax (GST) regime since July 1 and may finalise a mechanism to operationalise anti-profiteering provision to protect consumer interest.Officials said rules for the e-way bill will be decided tomorrow. She, however, declined to comment on whether the threshold in e-way bill will be retained at Rs 50,000 amid demands from various quarters to raise it.
Tags: gst, gst council, gstn, e-way bills, job works, fabrics, garments, arun jaitley Location: India, Delhi, New Delhi Related StoriesGST Council to decide on anti-profiteering mechanism on August 5: JaitleyGST Council to take stock of GST rollout on Aug 5Traders urge GST Council to remove anomalies in tax slabs.Currently, services by way of job works in relation to textile yarns -- other than man-made fibre/filament -- and textile fabrics attract 5 per cent GST.The official said the Council may look at streamlining it and bring all job works, including for making garments from fabric, under the 5 per cent slab. This would further smoothen after e-way bill in
China jacquard fabric GST that requires any goods more than Rs 50,000 in value to be pre-registered online before it can be moved is implemented..The Council had on July 17 discussed, via video conferencing, hiking cess on cigarettes as there was some anomaly in the rate fixed earlier.
