2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Automobile
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Textile
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Mobile Phones
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Cotton
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Detailed explanation-1: -Q. The GST Council has decided to defer the increase in GST Rate on which product? Notes: The GST Council decided to defer the increase in the rate for textiles to 12% from 5%. It has referred the matter to a panel of Ministers, to review Rate Rationalisation.
Detailed explanation-2: -The GST rates on clothes has been raised from 5% to 12% from January 2022. The purpose of increasing the GST rate on clothing is to address the issues related to inverted duty structures, which impact a portion of the textile value chain.
Detailed explanation-3: -In a major relief to MSMEs in the textile and apparel sector, The GST Council on Friday has decided to defer the rate hike on textiles from 5% to 12%.
Detailed explanation-4: -29th November 2021 SIHMA has sent a letter to FM India about the new GST rate on women’s garments and footwear. The new rate is 12% and with effect from January 2022.