RAW SILK IS EXEMPTED GOODS OR 0 RATED UNDER GST
This query is : Resolved
Quick Summary
raghavendra b
(Querist)
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
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
(Expert)
02 March 2024
Report it under exempted items.
It's exempt or Nil rated not 0 rated.
Show it under exempt supply.
It's exempt or Nil rated not 0 rated.
Show it under exempt supply.
raghavendra b
(Querist)
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
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
(Expert)
02 March 2024
They are wrong 0 rated supplies are for exports.
raghavendra b
(Querist)
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
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
(Expert)
02 March 2024
Yes, only exports are reported in 0 rated supplies.
raghavendra b
(Querist)
02 March 2024
THAK YOU SIR FOR YOUR ALL REPLIES
REGARDS
REGARDS
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