Top headlines: GST hike on textiles on hold; full nod sought for Covishield

Business Standard brings you the top headlines on Friday

GST Council defers rate hike in textiles, refers issues to ministers group

Heeding to demands made by several states, the GST Council on Friday put on hold a decision to hike the tax rate on textiles to 12 per cent from 5 per cent, Union Finance Minister Nirmala Sitharaman said.

The panel, the highest decision-making body for indirect taxes, met under emergency provisions after states made a request for deferring the January 1 hike in GST tax rates on textiles.

Sitharaman said a similar demand for footwear was not agreed to. Read more

Covishield: Serum Institute of India applies for full