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economy | IST

GST Council meet highlights: Decision taken to defer correction of inverted duties only in case of textiles, says FM

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GST Council meet highlights: GST Council has unanimously decided to defer hike in GST on textiles from 5 percent to 12 percent. The matter will be discussed again in the next Council meet for future roadmap.

GST Council meet highlights:
GST Council has unanimously decided to defer hike in GST on textiles from 5 percent to 12 percent. The matter will be discussed again in the next Council meet for future roadmap.
Here are the highlights on GST meet:
FM briefs the media after a GST meeting
Finance Minister says decided to defer correction of inverted duties for textiles
Tenure of group of ministers at GST council extended
The tenure of group of ministers at GST council has been extended, Bikram Singh, Industries Minister of Himachal Pradesh informed CNBC-TV18.
“Only single decision has been taken by the Council that the percentage increase in textile goods that is deferred. It is deferred till next council meeting. Regarding inverted duty structure there are different opinion of all the states, but the decision regarding this particular textile will be done in the month of February," he said.
On GoM tenure he said, “GoM tenure has been extended.”
Hike in GST on textiles from 5% to 12% deferred
Proposed hike in GST on textile could not have come at a more inopportune time: Tamil Nadu FM
Kerala demands 5-yr extension of GST compensation, higher allocation in centrally sponsored
Kerala on Thursday demanded extension of GST compensation period by another five years and a rehabilitation package for "return migrants" who have come back to the state from foreign countries amid the COVID19 pandemic. In a list of demands submitted to the Centre during the pre-Budget meeting of Union Finance Minister Nirmala Sitharaman with state finance ministers, Kerala has also called for making the National Health Mission a fully centrally sponsored scheme as well as increased allocation for such schemes.