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Nil Rated, Exempt, Zero Rated and Non-GST supplies – There are many kinds of exemptions under the GST Act. GST lists out a number of goods & services that are exempted under GST. These products are taxed differently or are completely exempted from tax, depending on the nature of their end-use. Business owners have to learn this list of exempted and nil rated commodities so that they can raise their GST taxation accordingly.
The GST Council regularly updates this list of goods & services, changes their taxation status and so on, so taxpayers have to be on top of it to avoid penalties and incorrect filing of returns.
About GST Exemption
Businesses with an annual revenue of up to Rs.40 lakhs are exempt from GST registration. Meghalaya, Sikkim, Mizoram, Arunachal Pradesh, Nagaland, Himachal Pradesh, Manipur, Assam, Tripura, Uttarakhand, and Jammu & Kashmir get a limit of Rs.20 lakhs.
There are three sorts of supplies that are exempt from GST. These are their names:
The input tax credit attributable to these supplies cannot be used. In addition, to comprehend the distinctions between nil-rated, zero-rated, exempt, and non-GST supplies, refer to the list below.
These supplies are exempt from taxation. Input tax credits related to exempt supplies will not be available for use or set off. Zero-rated supplies, such as exports, would not be classified as supplies taxable at the 'NIL' rate of tax; the Central or State Governments have the authority to award GST exemptions.
The three forms of GST exemptions are listed below:
Absolute exemptions are those that do not have any conditions attached to them. For example, the RBI's services.
Conditional: Some exemptions are subject to certain criteria. A conditional exemption applies to services provided by hotels, clubs, and other similar establishments with a statement of accommodation unit less than Rs.1000 per day.
Partial: Unregistered persons supplying products within states (intrastate) to a registered individual can enjoy reverse charge tax exemption only if the aggregate amount of a supply does not exceed Rs.5000 per day.
GST registration is required for goods, services, suppliers, businesses, and persons who meet specified criteria. There are, however, a few exceptions. In the section that follows, you will discover a list of all the items, businesses, and taxpayers who are eligible for tax exemption under the Goods and Services Tax regime.
The following taxpayers are exempt from registering under GST:
The following section is a list of GST-exempted commodities in India:
Please keep in mind that certain non-GST items will be subject to GST once processed.
A number of services are excluded from GST -
Various industries and enterprises can qualify for a GST exemption if certain conditions are met. Knowing those conditions in depth will enable a taxpayer to register for GST without difficulty -
1. What is the GST exemption limit?
The GST Council has set the GST Exemption Limit from payment of goods and services tax (GST) at Rs 40 lakh. It used to be Rs. 20 lakhs previously. In addition, the exemption ceiling for the north-eastern states has been raised to Rs 20 lakh from Rs 10 lakh previously.
2. Are petroleum products under GST?
The GST Council has made no recommendation so far to include petroleum products, including petrol, natural gas and aviation turbine fuel (ATF) under the GST. The inclusion of petroleum products will require the recommendation of the GST Council.
3. Is it possible to issue an invoice without including GST?
Only registered businesses are required to file e-invoices for goods and services tax on purchases and sales. Individuals, on the other hand, can send official invoices to a registered person or business without registering for GST.
4. Is it permissible to issue a handwritten bill under GST?
On the invoice, you can include a handwritten GST number. Refer to Rule 46 of the CGST Rule, which, when read with Rule 48 of the CGST Rule, does not state that the GSTIN Number must be pre-printed on invoices.
5. Is it possible to register on the GST portal by myself?
Yes, the GST portal is very user-friendly and business owners can easily register by themselves. Just remember to read the list of documents required and keep them handy before you start the registration process.
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