Tax exempt goods
This query is : Resolved
BIPIN HIRALAL LIMBANI
(Querist)
27 July 2016
Can anyone explan me the difference between taxfree goods and tax expempted goods
Prakash Kochar
(Expert)
29 July 2016
TAX FREE GOODS MEANS GOODS HAVING TAX RATE 0%.
EXEMPTED GOODS ARE TAXABLE UNDER DIFF. SCHEDULE, BUT BECAUSE OF INCENTIVES, IN HANDS OF SPECIFIED CATAGORY OF DEALERS OR MANUFACTURER EXEMPTION IS GRANTED BY NOTIFICATION.
EXEMPTED GOODS ARE TAXABLE UNDER DIFF. SCHEDULE, BUT BECAUSE OF INCENTIVES, IN HANDS OF SPECIFIED CATAGORY OF DEALERS OR MANUFACTURER EXEMPTION IS GRANTED BY NOTIFICATION.
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