RAW SILK IS EXEMPTED GOODS OR 0 RATED UNDER GST

This query is : Resolved

raghavendra b (Querist)
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02 March 2024 DEAR SIR,

SALE OF RAW SILK IS REPORTED UNDER EXEMPTED OR 0% RATED IN WHILE FILING GST RETURNS.
0% RATED GOODS MEANS INPUT CLAIMABLE OR NOT, PURCHASE AND RESALE OF RAW SILK SHOULD BE REPORTED IN EXEMPT SUPPLIES OR NIL RATED OR 0% RATED.

ONE OF MY CLIENT PURCHASE RAW SILK FROM SILK EXCHANGE AND RESALE TO SUPPLIERS NOW WE SHOULD REPORT AS EXEMPT SUPPLIES OR 0% RATED SUPPLIES

THANK YOU

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2024 Report it under exempted items.
It's exempt or Nil rated not 0 rated.
Show it under exempt supply.

raghavendra b

raghavendra b (Querist)
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02 March 2024 THANK YOU FOR YOUR REPLIES SIR,

HERE I HAVE REPORTED AS EXEMPTED SUPPLIES, BUT HERE SOME OTHER PEOPLE REPORTED RAW SILK AS 0% RATED AND IF THE SUPPLIER SOLD TO REGISTERED DEALER THEY ARE REPORTING GSTR 1 B2B CLASSINFYING 0% RATED TAX, THEY ARE SAYING TO ME ALSO REPOT IN 0% RATED SUPPLIES.

THEY ARE CORRECT OR WRONG SIR,

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2024 They are wrong 0 rated supplies are for exports.

raghavendra b

raghavendra b (Querist)
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02 March 2024 THANK YOU FOR KIND REPLIES,

SOME SUPPLIERS ISSUE TAX INVOICE INCLUDING EXEMPTED AND TAXABLE SUPPLIES WHILE REPORTING B2B, EXEMPTING SUPPLIES SHOWING IN 0% CLASSIFICATION. IF THERE WILL BE A PROBLEM IF WE REPORTED IN 0% RATED SUPPLIES,

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2024 Yes, only exports are reported in 0 rated supplies.

raghavendra b

raghavendra b (Querist)
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02 March 2024 THAK YOU SIR FOR YOUR ALL REPLIES

REGARDS

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