GST relief: Footwear to get cheaper? Rate on apparels priced up to Rs 2,500 cut to 5%

The GST Council, led by Finance Minister Nirmala Sitharaman, is set to approve significant tax rate changes, moving footwear and apparel priced up to Rs 2,500 to a 5% GST slab, previously applicable only to items under Rs 1,000. This reform aims to simplify the tax system, reduce compliance burdens, and stimulate demand in the sector while potentially eliminating the 12% and 28% tax brackets.

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