This article
- discusses the concept of exempt supply under GST law, including its definition, types, and implications.
- explains the difference between NIL rated supplies, supplies exempted from GST, and non-taxable supplies, and the requirements for GST registration for individuals engaged exclusively in exempt supplies.
- covers the interplay between Section 23 and Section 24 of the CGST Act, 2017 in determining the registration obligations for suppliers involved in exempt supplies subject to reverse charge mechanism. The definition of exempt supply is broad and includes NIL rated supplies, supplies exempted from GST, and non-taxable supplies.
- provides information on adjustments required in the value of exempt supply for the purpose of computing credit reversal.
Source Taxguru
