With the next-generation GST reforms, people can now avail the benefit of GST reform. Under the next generation GST reforms, the government has introduced significant tax reductions across various sectors. In order to provide relief to the textile industry, the government has brought down the GST on man-made fibre from 18 per cent to 5 per cent. While the tax rates on man-made yarns have also been reduced to 5 per cent from the previously taxed 12 per cent. The decision will directly benefit the textile sector in the country.
To support the domestic toys industry, the government has also slashed the GST on toys and sports goods from 12 to 5 per cent. This decision will make toys more affordable and also support domestic and MSME toy makers. Talking to Akashvani News, CEO of a toy-making company, Moiz Gabajiwal,a hailed the next generation GST reforms, saying that the reforms will make toys affordable for all sections of society. The reduction in the GST will reduce financial burden on common people, especially the middle-class and lower middle-class.
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