46th GST Council meeting was called under the emergency provision. The GST Council’s 46th meeting was held today in New Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting. Consequently, the existing GST rates in textile sector would continue beyond 1st January, 2022 i.e 5% for textile value less than Rs 1000.
Decision on correcting inversion in textiles has been referred to rate rationalisation committee, said Finance Minister Nirmala Sitharaman. Committee’s full report to be submitted in Feb. 2022. No decision was taken by the GST Council on the issue of reversing rate hike for the footwear industry.
Compensation cess was not on the agenda today. Some state finance ministers did mention issue of extending compensation cess, said Finance Minister Nirmala Sitharaman. However, no discussions were held. “At the moment I have nothing before me,” Finance Minister said on cess period extension.
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