Uniform GST on MMF, yarn, fabric from January 1,2021: Government of India (GoI)
28 December 2021, Mumbai:
Despite demands from traders and states, the government is sticking to its decision to implement uniform goods and services tax (GST) rate at 12% on manmade fibre (MMF), MMF yarn, MMF fabrics, and apparel from January 1, 2022.
In its year-end statement on Monday, the textiles ministry said that this has addressed the inverted taxi structure in the MMF textile value chain and will help the MMF segment grow and emerge as a big job provider in the country.
The government has notified uniform goods and services tax rate at 12% on MMF, MMF yam, MMF fabrics, and apparel that has addressed the inverted tax structure in the MMF textile value chain. The changed rates will come into effective from January 1, 2022, the ministry said.
(The news article has not been edited by DFU Publications staff)
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