India implements GST bill, tax rate is good for cotton spinning industry

According to foreign media reports, at the Indian GST Council meeting on June 3, local time, the Finance Minister of Kerala stated that all Indian states have agreed to implement the GST Act from July 1. As early as May, the GST Council had stipulated specific tax rates for 1,200 goods and 500 services. The tax rates for different goods and services range from 5%, 12%, 18%, and 28%. According to the latest meeting content, the relevant GST tax rates for the cotton spinning industry have been adjusted to: cotton and cotton yarn (5%), textiles (5%), ready-made clothing (12%), and silk and linen (0%). However, at the meeting, some regions, including West Bengal, still hoped to further reduce tax rates on individual commodities.

[Remarks] Goods and Services Tax (GST) value-added tax, consumption and service tax, is similar to the VAT (VALUE ADDED TAX) business value-added tax levied in my country. India will implement the GST bill on July 1, and the tax rate will benefit the cotton spinning industry

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