​GST rate on bricks up from 5% to 12%

Notification issued by central government, made applicable in the State on April 1.

Staff ReporterUpdated: Sunday, April 03, 2022, 12:27 AM IST
article-image

Indore (Madhya Pradesh)

From now on, 1% composition levy would be charged on bricks trade upto Rs 1.5 cr. Those who do not opt for the composition scheme, then they will have pay GST at the rate of 12% in place of 5%.
According to the recommendation of the GST Council, the notifications issued by the Central Government under GST have become effective in Madhya Pradesh on April 1, 2022. Accordingly, the composition levy
for kilns (for brick makers) has been abolished. This facility will be available to the trader. They will have to pay 1% composition levy on turnover up to Rs 1.5 crore.
For brick traders in the state, from April 1, the registration limit has been revised from Rs 40 lakh to Rs 20 lakh.
Brick traders who do not opt for composition levy will have to deposit 12% GST with ITC or 6% GST without ITC. Now instead of 5%, the GST payable on bricks will be at 12%. Brick makers who were in composition
levy till 31st March 22, filling out Opt-out Application (CMP-03), ITC of 30 days stock in ITC-01 (if opting to pay 12% GST after 1st April 2022) have to claim.


(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai: 20-year-old mobile thief gets caught after he replaces SIM card in stolen handset to chat...

Mumbai: 20-year-old mobile thief gets caught after he replaces SIM card in stolen handset to chat...

Mumbai: SRA declares all slum pockets of city as approved slums to expedite redevelopment

Mumbai: SRA declares all slum pockets of city as approved slums to expedite redevelopment

Reasons why Aryan Khan was given a clean chit

Reasons why Aryan Khan was given a clean chit

Lonavala school closure: Education dept says it should run for a year

Lonavala school closure: Education dept says it should run for a year

Mumbai: 120 lifeguards, jet skis and kayaks deployed at beaches for monsoon

Mumbai: 120 lifeguards, jet skis and kayaks deployed at beaches for monsoon