GST Hike on textiles and footwear be refunded?

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GST Hike: Many states opposed increasing the GST on textiles and footwear from 5% to 12% effective January 1, 2022. The states have asked the Center to defer this proposed new rate. The GST Council meeting will be held tomorrow, i.e. Friday, under the chairmanship of Minister of Finance Nirmala Sitharaman.

The meeting will be held on Friday morning at 11 a.m. via virtual support. In such a situation, it is believed that a decision can be made at the meeting to withdraw the increased rates.

Finance ministers from several states, who attended the pre-budget meeting with Union finance minister Nirmala Sitharaman, said they were not in favor of increasing the GST rate on products textiles from 5% to 12%. States like West Bengal, Delhi, Rajasthan and Tamil Nadu have also supported this request made by Gujarat.

Decision not friendly with the common man: Sisodia

At the last Council meeting held on September 17th, it was decided to revise the rate of GST on footwear and clothing. Delhi Deputy Chief Minister Manish Sisodia said the move was not favorable to the common man and should be withdrawn. Tamil Nadu Finance Minister P Thiagarajan said this unique agenda for the GST Council meeting is supported by many states and this decision should be stopped.

Request for help for MSMEs

Along with this, Thiagarajan also asked for unconditional permission for Tamil Nadu to increase borrowing by five percent of the state’s GDP in the next budget. He said small and medium industries were badly affected during the outbreak. Therefore, the Center should offer a comprehensive relief program for MSMEs (micro, small and medium enterprises).

Kerala Finance Minister KN Balagopal, who attended the meeting, said the Center should extend the GST compensation system for five years. Apart from this, he also called for increasing the Centre’s share in centrally funded programs and for the National Health Mission to be fully sponsored by the center.

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