Gst nil, zero ,exampt
manoj singh (71 Points)
17 April 2018Can you please explain with exmple the nil , zero or exampted rated goods? Which is mostly used bye saler commonly ...
manoj singh (71 Points)
17 April 2018
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 17 April 2018
CA Deepak kumar
(Chartered Accountant)
(121 Points)
Replied 17 April 2018
Hi
Nil rated goods - When goods are sold as nil rated goods (i.e 0% tax rate), there is no need to reverse Input tax credit availed on the assessee's purcahses
Exempt godds - When goods sold are exempt from tax, then input tax credit has to be reveresed on the purchases made by the assessee as per the formula prescribed in Input credit rules
Thank you
C R RADHAKRISHNAN
(ACCOUNTANT)
(210 Points)
Replied 17 April 2018
GTA IS NO LIABILITY WHILE FILING GSTR1 WHERE THE COLOUMS FILLED. WE ARE GTA TO ALL ARE REGISTERED CORPORATES LIKE, GODREJ,HINDUSTAN UNILEVER, ETC.,, AS PER GST ACT SERVICE RECEIVER IS LIABLE TO PAY GST ON RCM BASIS OF 5%.
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 17 April 2018
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