5% GST for cotton, yarn, 12% for high-end clothes

The GST Council 's announcement of rates for the textiles industry was met with a sense of relief on Saturday, although prices of garments over Rs 1,000 will rise marginally. The council announced a tax of 5% for yarn and cotton, and ready-made garments below the Rs 1,000 mark. For garments above Rs 1,000, the tax rate has been fixed at 12%. Rahul Mehta of the Clothing Manufacturers Association of…