Related Keywords: All apparels attract twelve percent tax, all set for its July first rollout, confident of keeping this launch date, finance minister Arun Jaitley, imposition of five percent tax on cotton fibre, man-made synthetic fibres, put in eighteen percent tax slab, silk and jute will attract no taxes, The Goods and Services Tax, yarn and fabric
The Goods and Services Tax seems all set for its July 1 rollout, with finance minister Arun Jaitley confident of keeping this launch date despite doubts by the lone dissenter, West Bengal's chief minister, who sought more time.
As the Union Minister Arun Jaitely announced an imposition of 5 percent tax on cotton fibre, yarn and fabric from the erstwhile zero percent tax. Textile industry buckled up to face the brunt of GST. However, some states used to levy a value added tax of 2-4 percent on the cotton yarns and fabrics.
