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of <h1>GST Exempt Supplies and ITC: Reverse Charge, Schedule III Activities, and Tax Credit Rules Explained</h1> Exempt supplies under GST include transactions where the supplier is not liable to pay tax but the recipient is, such as reverse charge transactions, securities, and sale of land or buildings as specified. For input tax credit (ITC) purposes, supplies attracting reverse charge are treated as exempt supplies only in the hands of the supplier, not the recipient. An amendment allows taxpayers to claim full ITC on activities listed in Schedule III, which are considered 'not supplies' and therefore neither exempt nor non-taxable. This distinction is crucial for determining the availability and reversal of ITC.
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