Contact Us

    What is meant by Exempt Supplies?

    Answered 05-Aug-2022

    As per sections of GST law, exempt supplies mean supplies that attract nil rate of tax. It also covers supplies which have been made exempt from tax under the GST law, and it also includes non-taxable supply. As per the law, if a taxpayer has availed credit of input taxes, then the same must be reversed. While making supplies of exempt goods, a taxpayer is required to issue “Bill of Supply” (instead of tax invoice). If a person is involved in the business of making only exempt supplies, then he would not be liable to obtain registration under the GST law.

    0 0 973 views