- NEW DELHI : The Clothing Manufacturers Association of India (CMAI) has raisedconcerns regarding the rate-rationalisation proposal put fomrard by the Group of Ministers(GoM), chaired by Bihar Deputy Chief Minister Samrat Chaudhary, which includessignificant changes to GST rates for the apparel sector.Under the new recommendations, ready-made garments priced up to RS 1,500 will retainthe 5 per cent GST rate, but those priced between RS 1,500 and RS 10,000 will see asignificant increase to 18 per cent. Garments above RS 10,000 are proposed to fall underthe highest GST bracket of 28 per cent.In response, the CMAI has expressed deep concerns regarding the potential adverse effectsof these changes on the apparel industry, particularly the impacts on manufacturing,pricing, and consumer demand.”The proposed GST rate hike risks severely disrupting the formal retail sector by drivingboth consumers and businesses toward informal channels. This shift would adverselyaffect legitimate retailers and potentially benefit unscrupulous sellers and illegalmerchants,” the CMAI said in a statement.
Source: indiashippingnews.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "India"
- India’s GST Council Endorses Two-Tier Tax Structure for 2025
- GST Reduction on Fruit Drinks Excludes Colas; Prices Remain Unchanged for Carbonated Beverages
- Supreme Court Stays Retrospective GST Penalty, Examines Applicability to Non-Taxable Persons
- India Unveils Simplified GST Rate Structure
- GST 2.0: Key Changes, New Rates, and Business Impact Explained
