make a list of good & service item & write percent G.S.T for ex.in 0% G.S.T which things includes.
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Answer:
Understanding the taxability also involves knowing whether item is exempt or not under GST. Due to the scope of taxable supplies being widened under GST, GST Exemptions have clearly been defined. Not just knowing the Exemption list, but also understanding the implication of item being exempt is important as certain conditions are attached to it like reversing the ITC. Also, what can be Nil rated today may become charged to a higher tax rate in the future. Hence, clearly demarking the various terms such as Nil Rated, Exempt, Zero-rated and Non-GST supplies under GST is important. Read through and get the complete list of all the GST Exemptions notified on Goods in a click of a button!
Table of contents
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What is Exempt Supply
Complete list of Goods Exempt
Treatment of ITC if supply is exempt
What is a non-taxable supply
Negative list under GST
Difference between Nil Rated, Exempt, Zero Rated and Non-GST supplies