How to calculate GST if tax rate changes in between transaction?
Which GST rate is applied on a business transaction where rate of GST is changed by government?
Let us examine this subject with an example that GST rate is 15%:
ABC supplied a service to XYZ on 8th April and invoice issued on 9th April. The payment against this supply of service received on 20th July. In between, the rate of GST has been increased to 16% with effect from May 01. What is the tax rate applicable when services provided and invoice issued before change in rate in May, but payment received after change in rate in May?
According to GST Law in India, the rate of 15% is applicable because, the services of ABC to XYZ are provided prior to change in GST rate, May 01st.
This information is about determination of GST rate on a supply of services when rate of GST changes in between the completion of transaction. Share below your comments on this subject, Computation of GST after change in tax rate.
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