There is reduced in GST Rate on job work of Yarn Process related to man made yarn from 18% to 5% on 05-08-2017. whether this change of rate is applicable from 05.08.2017 or from 01.07.2017.
Suppose I have received a job work bill on 31.07.2017 of ₹ 100000 then what gst I have to paid . ₹ 5000 or ₹ 18000. B ecause Before 05.08.2017 there is rate of gst on job work charges was 18% and now it is 5%.
GST Rate on Man-Made Yarn Job Work Reduced to 5% from August 5, 2017; Not Retroactive to July 1, 2017. A discussion forum addressed the applicability of a reduced Goods and Services Tax (GST) rate on job work related to man-made yarn. Initially set at 18%, the rate was reduced to 5% on August 5, 2017. A query was raised about whether this change applies retroactively from July 1, 2017. Responses clarified that the reduced rate is not retroactive unless explicitly stated in the notification. Until the government amends the notification, the 18% rate remains applicable. The effective date of the new rate will be the date of the notification unless otherwise specified. (AI Summary)
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