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