https://www.taxtmi.com/article/detailed?id=7545 A categorical schedule assigns GST rates, supplier levy responsibility, reverse charge applicability, and input tax credit eligibility to expenses debited to Trading and Profit & Loss accounts. Zero rated employer/statutory items attract no GST or ITC; most commercial expenses carry specified GST slabs (5%, 12%, 18%, 28% or actual for goods/assets) with ITC generally available when used for business. Capital goods enjoy ITC subject to a pro rata reversal if disposed within five years. Notification No. 8/2017 exempts low value daily purchases from unregistered suppliers from recipient tax payment and reporting. en-us Mon, 14 Aug 2017 07:39:23 +0530 Mon, 14 Aug 2017 07:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7545 A categorical schedule assigns GST rates, supplier levy responsibility, reverse charge applicability, and input tax credit eligibility to expenses debited to Trading and Profit & Loss accounts. Zero rated employer/statutory items attract no GST or ITC; most commercial expenses carry specified GST slabs (5%, 12%, 18%, 28% or actual for goods/assets) with ITC generally available when used for business. Capital goods enjoy ITC subject to a pro rata reversal if disposed within five years. Notification No. 8/2017 exempts low value daily purchases from unregistered suppliers from recipient tax payment and reporting. Articles Goods and Services Tax - GST Mon, 14 Aug 2017 07:39:23 +0530 https://www.taxtmi.com/article/detailed?id=7545