Govt notifies 12% GST rate on MMF, yarn, fabrics from Jan 1; corrects duty anomaly
The finance ministry has notified uniform 12 per cent GST rate on manmade fibre (MMF), yarn, fabrics and apparel, thereby addressing the inverted tax structure in the MMF textile value chain.
Currently, tax rate on MMF, MMF yarn and MMF fabrics is 18 per cent, 12 per cent and 5 per cent, respectively. Image Source: IANS