Exempt supplies under GST affect Input Tax Credit allocation, specifying inclusions, exclusions and valuation rules. Exempt supplies for Rules 42 and 43 include reverse charge supplies, transactions in securities, sale of land and certain building sales, activities in ... Summary
Exempt supplies under GST affect Input Tax Credit allocation, specifying inclusions, exclusions and valuation rules.
Exempt supplies for Rules 42 and 43 include reverse charge supplies, transactions in securities, sale of land and certain building sales, activities in Schedule III paragraph 5 and prescribed activities under Schedule III paragraph 8(a). For section 17(3) valuation, land and building use stamp duty values and securities are valued at one percent of sale value. Exclusions include specified services (as per notification), interest- or discount-represented financial service consideration except for banking and financial institutions, carriage by vessel from Indian customs clearance (as amended), and Duty Credit Scrips.
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