GST Likely to Be Slashed to 5% to Boost Handloom and Handicraft Sectors in J&K: Piyush Goyal

Union Minister Piyush Goyal has stated that GST is likely to be slashed to boost the handloom and handicraft sectors in J&K (Jammu & Kashmir). This policy consideration aims to provide a fillip to traditional crafts and local industries in the region, which are often significant sources of livelihood. A reduction in GST would make handloom and handicraft products more competitive and affordable, stimulating demand and supporting artisans. This initiative underscores the government's focus on promoting local industries, preserving cultural heritage, and boosting economic activity in specific regions through targeted tax relief.