https://www.taxtmi.com/news?id=24698 The Government prescribed a uniform GST rate of 12% across the MMF textiles value chain to remove the inverted tax structure that caused accumulation of unutilised input tax credit, increased cascading costs and blocked working capital. The uniform rate reduces compliance burden, facilitates recovery or refund of ITC including on job-work services, simplifies taxation of garments, and enhances export competitiveness by enabling encashment of ITC where outputs are zero-rated. en-us Tue, 23 Nov 2021 14:51:19 +0530 Tue, 23 Nov 2021 14:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=24698 The Government prescribed a uniform GST rate of 12% across the MMF textiles value chain to remove the inverted tax structure that caused accumulation of unutilised input tax credit, increased cascading costs and blocked working capital. The uniform rate reduces compliance burden, facilitates recovery or refund of ITC including on job-work services, simplifies taxation of garments, and enhances export competitiveness by enabling encashment of ITC where outputs are zero-rated. News - Tue, 23 Nov 2021 14:51:19 +0530 https://www.taxtmi.com/news?id=24698