Traders get a major setback due to GST hike on footwears

Traders get a major setback due to GST hike on footwears According to the businesspeople, the GST on textiles and garments was also intended to be raised in the same way, but the government exempted those industries without doing the same for the footwear industry. "GST on any footwear, including shoes, chappals, and sandals, priced below Rs 1,000 has been hiked to 12 percent," Traders stated "This is the largest setback in our industry's history, as the tax rate has more than doubled, with terrible effects for both traders and manufacturers. Our operating costs will rise, and sales will fall as a result of the higher selling price." Another Trader added: "What has irritated us the most is that when the taxation authorities announced the increase in GST rates last year, footwear was lumped in with textile and garment products in the 5% tax bracket, but the new rate of 12% was slapped selectively on the footwear sector alone." We have nothing against the textile and garment industry, but we don't appreciate it when our industry, which employs thousands of micro and small company owners, is mistreated." The industry sector is requesting that the government restore the GST rate to 5%. "The increase of 7% GST would affect our businesses severely, as the prices of all sorts of shoes and allied products that were previously in the 5% slab will climb dramatically, causing consumers to curb their purchases," said, a shoe trader. We urge the federal government to reconsider its decision and reverse the increase in the GST on footwear."