11 July 2022
Firm XYZ has a government contract in which gst was applicable at the rate of 12% and the contract is still in progress. Now as per the GST council Meeting 47 , the new rate applicable for government work contract is 18%
Then what about the old contract which was executed at the rate of 12% and margin was also not defined ? Whether the contract shall be revised @ 18 % ? or The new rate will be applicable for the new contract executed on or after 18 July 2022 and the old contract will be remain same ?
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