GST INVOICE TAXABLE & EXEMPTED IN SAME FINANCIAL YEAR

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6 Points Posted on 23 October 2020
Whether a party may issue a taxable invoice or exempted invoice for its services ( transportation) in same financial year?
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On 23 October 2020 at 13:15 Report
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Yes, a business can issue both taxable and exempted GST invoices within the same financial year for services like transportation. However, input tax credit (ITC) can only be claimed on taxable supplies. You will need to reverse ITC for any common GST expenses attributable to exempted supplies.

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Accountant
3662 Points Posted on 23 October 2020
Yes, No issue
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On 23 October 2020 at 14:02
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6 Points Posted on 23 October 2020
We can take ITC of GST?
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On 23 October 2020 at 15:02
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Accountant
3662 Points Posted on 23 October 2020
Yes, you can take ITC only on taxable supplies not exempted supplies

You are also required to reverse ITC for common GST
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On 23 October 2020 at 23:40

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