Footwear, Apparels To Get Cheaper: GST On Items Priced At Rs 2,500 Likely Cut To 5%

The GST Council is likely to have approved lowering the GST rate on footwear and apparel priced up to Rs 2,500 to 5%, sources said on Wednesday.

Currently, footwear and apparel priced up to Rs 1,000 are taxed at 5%. Beyond the threshold, 12% Goods and Services Tax 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% slab to Rs 2,500/ piece, from Rs 1,000 per piece.

GST Council on Wednesday decided to do away with the 12% and 28% slab and move the majority of the items from these slabs to 5% and 18% respectively.

Also Read: GST Council Meeting: CMs To CBIC Officials—Who Are Deliberating On Next-Gen Tax Reforms?

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Footwear, Apparels To Get Cheaper: GST On Items Priced At Rs 2,500 Likely Cut To 5%

Currently, footwear and apparel priced up to Rs 1,000 are taxed at 5%. Beyond the threshold, 12% Goods and Services Tax is levied.

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Footwear, Apparels To Get Cheaper: GST On Items Priced At Rs 2,500 Likely Cut To 5%

Currently, footwear and apparel priced up to Rs 1,000 are taxed at 5%. Beyond the threshold, 12% Goods and Services Tax is levied.

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