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finance ministry fixes uniform 12 percent gst rate on mmf yarn fabric

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finance ministry fixes uniform 12 percent gst rate on mmf yarn fabric

New Delhi, Nov 21 (PTI) The Finance Ministry has notified a uniform 12 per cent GST rate on hand made fiber (MMF), yarn, fabric and apparel. In this way the reverse tax structure in the MMF textile value chain has been corrected.

At present, the GST rate is 18 percent on MMF, 12 on MMF thread and 5 percent on MMF fabric.

In the last meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, on September 17, it was decided that duty discrepancies in the textiles sector would be rectified with effect from January 1, 2022.

Giving effect to this decision, the Central Board of Indirect Taxes and Customs (CBIC) on November 18 notified a uniform rate of 12 per cent of GST for MMF, MMF yarn and MMF textile.

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