Naveen Jiaswal (PCS) (100 Points)
13 October 2008
Arun Gupta
(Chartered Accountant )
(43 Points)
Replied 13 October 2008
1) All fully exempt item are included in not taxable item but all not taxable item are not included in fully exempt items.
RICHA SHARMA
(CA )
(202 Points)
Replied 14 October 2008
hi
In terms of central excise, it means that the items mention in central excise tariff and are exempt by virtue of notification in this behalf are exempted goods.
while the goods which are not mentioned in central excise tariff are not taxable.
bye
take care
nagaraj
(student)
(206 Points)
Replied 14 October 2008
Not Taxable : Not Covered by the charging section.
Fully Exempted : Specifically Covered by the section.
CAclubindia
