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

economy | Dec 31, 2021 1:07 PM IST

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

By CNBCTV18.com | Dec 31, 2021 5:20 PM IST (Updated)

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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

FM #NirmalaSitharaman briefs the media after a #GST meeting which was called under the 'emergency provision', says it was a brief meeting with one agenda
"Gujarat FM requested for deferment of decision taken in the Sept Council meet on inversion of tax structure."*Thread* pic.twitter.com/cNWj4vZ0Cp— CNBC-TV18 (@CNBCTV18Live) December 31, 2021

Finance Minister says decided to defer correction of inverted duties for textiles

Finance Minister says decided to defer the correction of inverted duties for #textiles.#Textiles will again be referred to the 'rate rationalisation panel'. pic.twitter.com/CokdS9vqG7
— CNBC-TV18 (@CNBCTV18Live) December 31, 2021

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.”

GST Council has decided to defer the hike in GST rate on textiles (from 5% to 12%). The Council will review this matter in its next meeting in February 2022: Bikram Singh, Industry Minister, Himachal Pradesh on GST Council meeting in Delhi pic.twitter.com/3BM4MJxeFJ
— ANI (@ANI) December 31, 2021

Hike in GST on textiles from 5% to 12% deferred

#CNBCTV18Exclusive | Sources tell @TimsyJaipuria, @GST_Council unanimously decides to defer hike in GST on textiles from 5% to 12%.
GST Rate hike on textiles from 5% to 12% was to come into effect from January 1.@ShereenBhan pic.twitter.com/VCqDxaDVTV— CNBC-TV18 (@CNBCTV18Live) December 31, 2021

Proposed hike in GST on textile could not have come at a more inopportune time: Tamil Nadu FM

GST Meet | Proposed hike in GST on textile could not have come at a more inopportune time. Textile industry is limping back to normalcy from the onslaught of COVID pandemic, says Tamil Nadu Finance Minister pic.twitter.com/uOJZWovU9n
— CNBC-TV18 (@CNBCTV18Live) December 31, 2021

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.

(Edited by : Anshul)

First Published: Dec 31, 2021 1:07 PM IST

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