The Goods and Services Tax (GST) rate for textile machinery has been fixed at 18 per cent by the GST Council at a recent meeting held in Srinagar.
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ICRA, an Indian independent and professional investment information and credit rating agency, opines that a 12 per cent (lower rate) recommended by the Dr Arvind Subramanian Committee will have a negative impact on the textile sector, especially the cotton value chain, which is currently attracting zero central excise duty (under optional route); unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage (unlike cotton).