Currently, footwear and apparel priced up to Rs 1,000 are taxed at 5 per cent. Beyond the threshold, 12 per cent Goods and Services Tax (GST) is levied
Finance Minister Nirmala Sitharaman, Union Minister of State for Finance Pankaj Chaudhary and Revenue Secretary Arvind Shrivastava during the 56th GST Council meeting, in New Delhi, on Wednesday. Pic/PTI
The GST Council is likely to have approved lowering the GST rate on footwear and apparel priced up to Rs 2,500 to 5 per cent, sources said on Wednesday.
Currently, footwear and apparel priced up to Rs 1,000 are taxed at 5 per cent. Beyond the threshold, 12 per cent Goods and Services Tax (GST) is levied.
The 56th GST Council, chaired by Union Finance Minister Nirmala Sitharaman and attended by state counterparts, decided to raise the threshold for footwear and apparel in the 5 per cent slab to Rs 2,500/ piece, from Rs 1,000/piece.
GST Council on Wednesday decided to do away with the 12 and 28 per cent slab and move the majority of the items from these slabs to 5 and 18 per cent respectively.
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