The Central Board of Excise and Customs (CBEC) has notified restriction of Input Tax Credit (ITC) on Certain fabric items like Knotted netting of twine, cordage or rope made up fishing nets and other made up nets of textile materials, Corduroy fabrics, Narrow woven fabrics and narrow fabrics consisting of warp without weft assembled by means of an adhesive (bolducs)”.
In last GST Council meeting held in Guwahati, Government had reduced Tax rate of above said items to 5% from 12%.
The notification shall come into effect from today.
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