HomeEconomy NewsExclusive | GoM proposes price-based GST on readymade garments and high-end style
As per the suggestions, readymade garments costing up to ₹1,500 would bringin 5% GST, and those inbetween ₹1,500 and ₹10,000 would drawin 18%. Garments costing above ₹10,000 would drawin a 28% tax, sources privy to the advancements informed CNBC-TV18.
The Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary on Monday (December 2) proposed modified tax rates for readymade garments based on their cost varies, sources in the understand informed CNBC-TV18.
As per the suggestions, readymade garments costing up to ₹1,500 would drawin 5% GST, and those inbetween ₹1,500 and ₹10,000 would drawin 18%. Garments costing above ₹10,000 would bringin a 28% tax, sources privy to the advancements informed CNBC-TV18.
The GoM report is anticipated to be talkedabout by the GST Council chaired by the Union Finance Minister and consistingof her state equivalents on December21 A last choice on GST rate modifications will be taken by the council