what would be GST rate for textile jobwork. what would be the scenario if jobwork is charged @ 18% and final product is @ 5%.
in our case 50%of product cost consist of jobwork. in such case we will be entitled to refund every month. or there will be any retention.
please clarify.
Menu
GST ON TEXTILE
Replies (3)
in case where there is difference in input /output product , you are eligible for refund u/s 54(3) of CGST act. At the end of the F.Y. after filling annual return for the financial year , you may give an application in form GST RFD 01 electronically with all the relevant documents ( no. & date of invoices received & issued during a tax period , CA certificate, declaration etc) for refund, & within 60days of application . refund will be granted .Thus you will not get refund on monthly basis. & there will be blockage of working capital
Dear Mr Keval mahendra Muni,
There is inverted rate structure applies to textile Industry. Hence Input credit could be availed upto 5% only.
over and above 5% the input credit will be lost.'
We need to wait for more clarification
dear Preeti
there is a difference of opinion between yours and Mr natranajn. can you elaborate more on this?
there is a difference of opinion between yours and Mr natranajn. can you elaborate more on this?
Recent Threads
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
Related Threads
CAclubindia
