Centre approves 12 textile research projects worth Rs 13.3 crore
The government on Tuesday approved 12 research projects worth Rs 13.3 crore under the National Technical Textiles Mission.
In a relief for the textile sector, the GST Council, which met here today under the chairmanship of Finance Minister Nirmala Sitharaman, deferred the hike in GST on textiles from 5 per cent to 12 per cent.
“Consequently, the existing GST rates in the textile sector would continue beyond 1st January, 2022,” the Finance Ministry said.
The Council, it is learnt, will take a review of the deferment in February.
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Yesterday, several states flagged higher tax rates on textile products from January 1 and demanded that the rate hike be put on hold. In the pre-budget meeting chaired by Sitharaman, states like Gujarat, West Bengal, Delhi, Rajasthan and Tamil Nadu, said that they were not in favour of a hike in GST.
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