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videos | IST

Experts' take on key GST council decision

Mini

The GST Council on Friday decided to defer the 12 percent rate on textiles that was supposed to be effective from the first of January. The GST council in its earlier meeting had decided to hike the GST rate on all textile items from 5 percent to 12 percent, a decision that had received strong opposition from states as well as the textile industry.

The GST Council on Friday decided to defer the 12 percent rate on textiles that was supposed to be effective from the first of January. The GST council in its earlier meeting had decided to hike the GST rate on all textile items from 5 percent to 12 percent, a decision that had received strong opposition from states as well as the textile industry.
The rate hike announced on footwear was also discussed in the meeting but the council did not reverse that decision, hence the increased 12 percent GST rate on footwear will be applicable from midnight tonight.
Deliberations on rate rationalisation will continue and the tenure of the group of ministers on rates has been extended. The GoM has been asked to submit a report by February.
To discuss this CNBC-TV18 spoke to Pratik Jain, Partner at Price Waterhouse & Co and Abhishek A Rastogi, Partner at Khaitan & Co.
Watch accompanying video for more.