Illicit trade in 5 key industries reaches Rs 7.97 lakh crore, time to instil fear: Centre
Textiles and apparel alone had an illicit market size of Rs 4,03,915 crore in 2022-23, accounting for over 50 per cent of the total illicit market.
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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