How to invoice and take input tax credit of goods which are taxable to me but nil rated to my customer.
I buy packed and branded rice but sell in retail without any brand.
As unpacked rice is nil rated how to file return for that.
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selling nil rated supplies purchased @5%
Replies (3)
Only registered branded rice will be taxed at 5%, not all that is available in wholesale market
So, your input will be at nil rate and also output sell
Registered branded rice will be sold in same container...... @ 5%
yes sir it is correct.
but we are buying branded rice but sell it loose.
but we are buying branded rice but sell it loose.
Practically, we will have to check if the ITC can be adjusted under any other same group items ...........
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