Based on GoM’s recommendations on rate rationalization to remove reverse duty structures, the council has increased the GST for ready / finished leather / chamois / composition leather from 5% to 12%.
At today’s 47th meeting, the Goods and Services Tax (GST) Council has decided to raise the GST for jobs related to the processing and manufacturing of leather goods and footwear from the existing 5% to 12%. The GST Council met in Chandigarh under the chair of Federal Minister of Finance and Business Affairs Nirmala Sitharaman.
Similarly, under service, we increased the GST of leather, leather and work related to leather processing from 5% to 12%. We also increased the GST of jobs related to the manufacture of leather products and footwear from the existing 5% to 12%.
The Council has also decided to offer UPI and IMPS as additional modes for paying Goods and Services Tax to taxpayers under Rule 87 (3) of the CGST Rule.
According to the official release, all pricing changes will be effective from July 18, 2022.
Fiber2Fashion News Desk (RKS)
India: GST Council raises tax on leather goods work to 12%
Source link India: GST Council raises tax on leather goods work to 12%