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The uniform GST rate on MMF(man-made fibre) products 12% recently announced by the Finance Ministry. What was the previous GST rate on MMF product?

The uniform GST rate on MMF(man-made fibre) products 12% recently announced by the Finance Ministry. What was the previous GST rate on MMF product? Correct Answer 18 per cent

The correct answer is 18 per cent.

Key Points

  • The finance ministry has notified a uniform 12 per cent GST rate on manmade fibre (MMF), yarn, fabrics and apparel products.
  • The changed rates will come into effect from 1st January 2022.
  • Previously The GST rate was different on MMF, MMF yarn, and MMF fabrics were 18%, 12%, and 5% respectively.

Additional Information

  • the Central Board of Indirect Taxes and Customs (CBIC) is the body to publish the notification of changes in GST rate, giving effect to the GST Council decision.
  • Chairman & Members of the Central Board of Indirect Taxes and Customs (CBIC) is Shri Vivek Johri (2022)
  • CBIC is the nodal national agency for administering Customs, GST, Central Excise, Service Tax & Narcotics in India.

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