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.
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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?
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