The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
"There are certain goods that require further study, which will be carried out by the officers. For ready-made garments, the current proposal is to maintain a 5 per cent GST for items priced at ₹1,000 and below, while increasing the rate for those above ₹1,000 from 12 per cent to 18 per cent. However, we argued against this increase, stressing that our thriving market for ready-made garments should not be disrupted," said West Bengal Finance Minister Chandrima Bhattacharya in a telephonic interview after the GoM meeting.
This story is from the September 26, 2024 edition of Business Standard.
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This story is from the September 26, 2024 edition of Business Standard.
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