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Input credit in cases where output is Exempt under GST (not zero rated), Goods and Services Tax - GST

Issue Id: - 110953
Dated: 23-9-2016
By:- Ankur Jain

Input credit in cases where output is Exempt under GST (not zero rated)


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I believe that it would be permissible to claim input credit even when the output is zero rated under GST.

However, what is the proposal on input credit when output is exempt from GST, not zero rated? Please advise.

The question is in the context of books, which are exempt from indirect taxes under the present tax regimes, namely Service Tax and VAT. There is no clarity as of now whether books would be exempt or NIL rated in the GST regime.

Posts / Replies

Showing Replies 1 to 6 of 6 Records

Page: 1


1 Dated: 23-9-2016
By:- MARIAPPAN GOVINDARAJAN

Whatever it may be, we have to wait till the GST laws come into force.


2 Dated: 23-9-2016
By:- YAGAY AND SUN

For the mean while you may also refer FAQs on GST.


3 Dated: 24-9-2016
By:- Ganeshan Kalyani

When final product is exempt then the credit would not be available. But if zero rated sales then credit would be available.

The schedule rate is not known as of now. Therefore will have to wait till such time. But in my view more or less the current tax schedule may be carry forward in GST with some edition deletion.


4 Dated: 24-9-2016
By:- Ganeshan Kalyani

https://www.taxmanagementindia.com/visitor/detail_rss_feed.asp?ID=16643&kw=frequently-asked-questions-faq-gst-released-cbec-21-09-2016


5 Dated: 24-9-2016
By:- Ankur Jain

Thanks so much Ganeshan.

Kind regards,

Ankur


6 Dated: 24-9-2016
By:- Ganeshan Kalyani

Welcome sir.


Page: 1

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