Fabircs

Save Share

This query is : Resolved

Ankamma Sarayou (Querist)
Follow

24 August 2017 please provide the GST Rate on Fabrics.Is there any change in GST Rate on fabrics.Give me reply on urgent basis

Ankamma Sarayou

Ankamma Sarayou (Querist)
Follow

26 August 2017 Dear Experts
reply please

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
Follow

24 July 2024 As of my last update, fabrics are subject to different GST rates depending on their classification under the Goods and Services Tax (GST) regime in India. Here are the key points regarding GST rates on fabrics:

1. **GST Rates on Fabrics**:
- **5% GST**: Fabrics, including cotton, woolen, silk, or synthetic fibers, are generally taxed at a rate of 5% under GST.
- **Other Fabrics**: Some specialized fabrics may attract a higher rate of 12% or 18%, depending on their composition and intended use.

2. **Changes in GST Rates**:
- There have been instances where the GST rates on certain items, including fabrics, have been revised by the GST Council. However, as of my last update, the basic rate of 5% for most fabrics remains unchanged.

3. **Input Tax Credit (ITC)**:
- Manufacturers and businesses involved in the production and sale of fabrics can claim Input Tax Credit on the GST paid on inputs such as raw materials, machinery, etc., which helps in offsetting the GST liability.

4. **Verification of Current Rates**:
- To ensure accuracy and compliance with the latest GST rates, it's advisable to check the official GST portal or consult a professional tax advisor. The rates can sometimes be subject to revisions by the GST Council through notifications and circulars.

For the most current and specific information regarding GST rates on fabrics, including any recent updates or changes, please refer to the GST portal or consult with a tax expert who can provide guidance tailored to your particular requirements.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now