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Change in gst rate traetment
If i purchased a item paying gst at 18%. Later on gst rate chages to 12%. At which rate i will charge gst and why. Is there any extra mechanism works under such crcumstances.
Replies (2)
Quick Summary
Check out section 14 of CGST
As per Sec 14
# If goods supplied BEFORE the change in rate
Case 1 : S - change in rate - I - R = I or R which ever is earlier
Case 2 : S - I - change in rate - R = rate on Date of Invoice
Case 3 : S - R - change in rate - I = rate on Date of receipt of payment
# If goods supplied AFTER the change in rate
Case 1 : I - R - change in rate - S = I or R which ever is earlier
Case 2 : R - change in rate - I - S = rate on Date of Invoice
Case 3 : I - change in rate - R - S = rate on Date of receipt of payment
* S = Time of Supply
* R - receipt of payment
* I - date of invoice
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