Indirect tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2015 differentiate between zero rated sale and exempt sale with reference to vat????

what are all the condition under which transaction value as assessable value of excise goods??

what are provision of cenvat credit rules for availing and utilising cenvat credit??

pls some one give ur ans

thank you

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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10 December 2015 Exempt sales are the sale of those goods which are not chargeable to tax.Such goods are not taxable.Thus,no input credit is available on such sales.

Zero-rated sales are the sale of those goods on which VAT is chargeable at a fixed rate of 0%. As VAT is chargeable,hence,input credit can be availed on such sales.

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