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Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 2019 July 10, 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The banning of Unregulated Deposit Schemes Bill, 2019 will replace the Ordinance promulgated on 21stFebruary, 2019, which will otherwise cease to operate after six weeks after reassembly of Parliament.

Ministry of Textiles, Impact of GST on Apparel Sector July 11, 2019

GST rates for garments and made up articles is 5% of sale value not exceeding Rs. 1000 per piece and 12% for articles of sale value exceeding Rs. 1000 per piece. The GST rates are lesser than the pre-GST incidence of taxes on these goods. To reduce the cost of garment industry, GST rate on manmade fibre yarns has been reduced from 18% to 12%. Further, the refund of accumulated input tax credit on fabrics has also been allowed to reduce cost of fabrics which is a major input for garments.

Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 2019 July 10, 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The banning of Unregulated Deposit Schemes Bill, 2019 will replace the Ordinance promulgated on 21stFebruary, 2019, which will otherwise cease to operate after six weeks after reassembly of Parliament.

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