Reduction in the fuel prices (Excise Duty) by 5 and 10 rupees is not the Diwali gift folks...
This is the real Diwali gift... This decision to increase GST of low price garments, costing less than 1000 rupees, from 5% to 12% is the real Diwali gift to the poor people of India... This decision was already taken in last GST council meet of September 2021... To rectify the Inverted Duty Structure, instead of reducing the GST of the inputs (from 12% to 5%), the GST of output final products are increased 5% to 12%... You know which section of people would be buying the garments costing below 1000 rupees... Happy Diwali folks... Cheers...
//The Indian textile industry is worried about the planned hike in the tax rate, arguing that such a move will affect 85 percent of the market and will lead to an increase in the prices of 80 percent of the final products.//
//According to the Indian textile industry, only 15 percent of the textile sector faces problems under the inverted duty structure but the proposed hike in GST rate will result in increasing prices of 85 percent of products.//
//As per Udyam Aadhaar Portal, the total textile manufacturing MSMEs registered between September 2015 to June 2020 were 6,51,512 while apparel MSMEs were 4,28,864.//
Explained: Why did the government hike GST rate for garments under Rs 1,000?