Hi Friends
1. What is the difference between Exempt Sales and Tax Free Sales?
2. If any of the above two sales types are inter-state, then does the buyer issue C Form?
I mean does C Form is issued for exempt and tax free sales?
Thanks
Shivani
5 Replies
Basavaraj
(Associate)
(147 Points)
Replied 15 November 2013
Exempted sale means the goods are normally taxed but exempted by way of notification
Ramesha.M
(Accountant)
(800 Points)
Replied 15 November 2013
If exempt sales of goods against interstate sales buyer can't issue c forms. because goods are exempted.
Samrendra
(Asst. Manager- Internal audit)
(221 Points)
Replied 17 November 2013
Dear Shivani,
Exempt Sale are those sales which are covered under statue but exempted by way of notification whereas Tax free sales are not covered under statue.
No need to issue Form C for both kinds of sales.
Shivani
(Learner)
(1881 Points)
Replied 17 November 2013
dear samrendra
in tally will we take interstate sale of exempt goods under Exempt Sales or under Interstate Sales.
shivani
Samrendra
(Asst. Manager- Internal audit)
(221 Points)
Replied 09 December 2013
It should be under exempt sales.
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