GST Exempt
This query is : Resolved
01 August 2020
Sir
As a transport company is GST exempted, it should always loss of its GST credits at the time of purchase of tyres and spares ? Any other ways to solve it?
Because, why it should pay gst even though it is under non-eligibility category?
please guide me
thanks in adv
As a transport company is GST exempted, it should always loss of its GST credits at the time of purchase of tyres and spares ? Any other ways to solve it?
Because, why it should pay gst even though it is under non-eligibility category?
please guide me
thanks in adv
01 August 2020
ITC needs to be reversed on the goods/services used for/in making exempt supply of goods or services under section 17(2) of the CGST Act,2017. GST is payable on all taxable supplies whether purchased by recipient is engaged in taxable supply or exempt supply.So what is exempted is output supply and not the inward supply.
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