The demand for the raw materials was for several days. The excess GST levied on raw materials should be refunded to avoid losses to traders in the sector.
Following this, the GST Council has decided to change the structure of inverted charges in the field of clothing and footwear.
Clothes and footwear will become more expensive from january 1
Clothing and footwear are currently subject to GST from 5 per cent to 18 per cent.
Clothing prices will go up from january following a new decision by the GST Council. The increase in GST on clothing and footwear will be a direct burden on the pockets of consumers.
This will increase the price
At present, in the MMF fabric segment (fibre and yarn), GST of 18 per cent and 12 per cent is levied on inputs.
MMF fabrics are subject to 5 per cent GST and finished goods are subject to 5 per cent GST and 12 per cent GST.
GST tax on input is higher than output. That is why the tax levied on MMF garments is increasing.
Many car manufacturers are going to increase the price of their cars. The companies have said that the decision was taken due to the rising prices of many items required for the car.
Now the burden will fall on the consumers as well. Many companies have increased the prices of many of their models.
The companies had announced hikes in March, July and September. Therefore, the burden of rising prices will now fall on the average consumer.
