The advent of the New Year 2022 is only a matter of time. Prior to the start of the new year, the administration has already given a severe blow to ordinary folks. In fact, you should prioritise buying clothes, footwear, and textile items in the future year because you will have to spend more money on them. In reality, the GST on all of these items has been increased by the government. This means that you will have to spend more for clothing and footwear in the future.
Let us also remind you that the government used to charge a 5% GST on certain items, but it has since been raised to 12%. The higher GST rates are expected to be implemented in January 2022. Let us inform you that the Central Board of Direct Taxes has issued a notification to this effect. However, there has been anticipation for some time that the government may increase GST on garments goods textiles, and now a notification has been published. Clothes and footwear will be more costly in the future. Fabrics, regardless of price, will henceforth be subject to a 12% GST, according to reports.
In reality, before, only clothing valued up to 1,000 rupees was subject to GST at a rate of 5%, but now GST would be applied to all items at a rate of 12%. At the same time, yarn will be subject to a 12% GST, making clothing more expensive. At the same time, woven threads, synthetic threads, thane, blankets, tents, table cloths, rugs, towels, napkins, handkerchiefs, carpets, rugs, lois will all be applicable at the rate of 12 per cent. On the other hand, GST rates on footwear have been increased.
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