Low-cost garments will be cheaper by 2-3% under GST

摘要

The maximum retail price (MRP) on garments is likely to decline by two to three per cent with new arrivals expected in a month, due to a lower levy under the new goods and services tax (GST) than earlier. In June the GST Council had fixed the rates at five per cent on ready-made garments worth up to Rs. 1,000 and at 12 per cent for those above that price, against the existing uniform central levy of seven per cent. And, 18 per cent and 28 per cent on some machinery products in the value chain under GST against the earlier rates of up to 25 per cent and up to 35 per cent, respectively.