Increase in GST Rates of MMF Textiles | #QuickBytes
The Ministry of Textiles notified the uniform goods and services tax (GST) rate on MMF, MMF yarn, MMF fabrics, and apparel.
These Changed tax rates will come into effect from January 1, 2022. Currently, the tax rate on MMF, MMF yarn, and MMF fabrics is 18 percent, 12 percent, and 5 percent, respectively.
Watch this video featuring Aditi Aggarwal, #LawWiser, where she explains what is the new reform and what was the need to bring changes to MMF Textiles.
She further explains what would be the possible implications of these new reforms.