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Clothing Manufacturers Association raises concerns regarding GST rates proposal
The Statesman
|December 06, 2024
The Clothing Manufacturers Association of India (CMAI) has raised concerns regarding the rate-rationalisation proposal put forward by the Group of Ministers (GoM) that includes significant changes to GST rates for the apparel sector.
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As per the new recommendations, ready-made garments priced up to Rs 1,500 will retain the 5% GST rate, but those priced between Rs 1,500 and Rs 10,000 will see a significant increase to 18%.
Garments above Rs 10,000 are proposed to fall under the highest GST bracket of 28%.
CMAI has expressed deep concerns regarding the potential adverse effects of these changes on the apparel industry, particularly the impacts on manufacturing, pricing, and consumer demand.
This story is from the December 06, 2024 edition of The Statesman.
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