31.12.2021-GST Council meet: Nirmala Sitharaman will chair 46th meeting of the GST Council today

GST Council meet: Nirmala Sitharaman will chair 46th meeting of the GST Council today.

The 46th meeting of the GST Council will be held in New Delhi today at 11 am in Vigyan Bhawan and Union Finance Minister Nirmala Sitharaman will chair the meet. This meeting holds significance as it is taking place ahead of the Union Budget which is presented on the first day of February by the Finance Minister in Parliament. 

The Ministry of Finance on Thursday tweeted, “FM Smt @nsitharaman will chair the 46th meeting of the GST Council in New Delhi, tomorrow. The meeting will be attended by MoS for Finance @mppchaudharyand @DrBhagwatKarad, besides Finance Ministers of States and UTs and Senior officers from Union Government and States.”

Union Ministers of State in the Ministry of Finance, Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad will also attend the meeting.

Meanwhile, several states flagged higher tax rate on textile products from January 1 and demanded that the rate hike be put on hold. 

GST Council in a meeting held on September 17 in Lucknow had decided to hike Goods and Services Tax on textile and footwear items from 5 per cent to 12 per cent effective from January 1, 2022.

In the September meeting the GST Council decided to increase GST on textile and footwear from 5 per cent to 12 per cent to correct the anomaly of inverted duty structure.

Currently, GST rate on manmade fibre stands at 18 per cent, manmade yarn is at 12 per cent and manmade fabrics and apparel of less than Rs.1000 is taxed at 5 per cent. Some chemicals used in textile industry are also taxed at 18 per cent.
In the pre-budget meeting chaired by Union Finance Minister Nirmala Sitharaman, states like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu said that they are not in favour of a hike in Goods and Services Tax (GST) rate on textiles to 12 per cent, from 5 per cent currently, with effect from January 1, 2022.
Source- mint

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