The Cotton Textiles Export Promotion Council (Texprocil) on Saturday welcomed 5 per cent GST on yarn and fabrics. The GST Council in its meeting oday classified yarn and cotton fabrics under 5 per cent category of GST. “The rate of 5 per cent for cotton textiles is very progressive and will lead to the growth and development of the entire value chain,” Texprocil chairman Ujwal lahoti said in a statement here. “We are happy that Finance Minister has accepted the Council's suggestion for keeping the rates low in order to ensure compliance and encourage the farmers to grow more cotton. “We also thank Minister of Textiles for extending her unstinted support to get low rate of 5 per cent for the cotton textiles sector,” lahoti said. These low rates will not cast any additional burden on the sector and will ensure that India regains it's competitiveness in the textiles sector in world markets.