GST notification to correct textiles tax anomaly: Nirmala Sitharaman

GST notification to correct textiles tax anomaly: Nirmala Sitharaman

24 November 2021, Mumbai:

Finance Minister Nirmala Sitharaman on Tuesday said the recent government notification on uniform goods and services tax (GST) at 12 percent for the textile and apparel sector was aimed at correcting the inverted duty structure that was leading to the accumulation of input tax credit by companies.

Claiming Input Tax Credit under GST Regime

She did not subscribe to the industry’s fears that this would lead to higher prices of finished products. “Every time adjustments in rates do not lead to the price increase for customers.

A higher rate on inputs was leading to higher refunds to taxpayers and needed correction.

Business Standard (The news article has not been edited by DFU Publications staff)

GST Council to fix inverted duty anomaly soon - Hindustan Times

 

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