The Institute of Chartered Accountants of India (ICAI) has released the fourth edition of its Handbook on Exempted Supplies under GST, updated with amendments up to 15th April 2025. The publication, prepared by the GST & Indirect Taxes Committee, provides comprehensive guidance on exemptions available under the Goods and Services Tax (GST) regime, a critical area for businesses, tax professionals, and policymakers.
The handbook simplifies the legal provisions related to exemptions, covering both goods and services exempt under GST. It offers in-depth analysis of exemption notifications, eligibility criteria, conditions, and procedural aspects. With a clear presentation of exemptions available to sectors such as healthcare, education, agriculture, charitable trusts, transportation and finance, the resource is positioned as a go-to reference for professionals navigating complex GST provisions.
ICAI President CA. Charanjot Singh Nanda noted that the updated publication aims to strengthen the knowledge base of members and stakeholders, enabling them to discharge their professional duties more effectively. The committee emphasized the importance of clarity in interpreting exemption notifications, highlighting that incorrect application could lead to tax liabilities and denial of Input Tax Credit (ITC).
The handbook also discusses the economic impact of exemptions, the difference between absolute and conditional exemptions, implications on pricing, and challenges arising from retrospective changes. With exemptions being a matter of continuous debate in India's taxation system, the ICAI publication provides timely insights for businesses and tax practitioners ahead of potential policy changes by the GST Council.
Click here to download the updated version
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