Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Friday, December 2, 2022

GST Exemption: List of Goods & Services Exempt Under GST

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The Goods and Services Tax, GST, has replaced all other types of indirect taxes applicable on goods and services. Instead of VAT, service tax, etc., a single GST is charged on the value of goods and services. There are different GST rates applicable for different types of goods and services. However, in some instances, no GST is levied. Non-application of GST is called GST exemption. This exemption is available for specific businesses, goods and services.


Exempt supply under GST

Exempt supply under GST means supplies which not attract goods and service tax. In these supply no GST is charged. Input tax credit paid on these supplies will not be able for utilisation. These are the following three types of supply which are considered as exempt supply:-
  • supplies which are chargeable to nil rate tax.
  • supplies which are partially and wholly exempt from the charge of GST by the notifications which amended the section 11 of CGST and section 6 IGST.
  • supplies which comes under the sec 2(78) of the Act. which covers the supplies which are not taxable under the Act like alcoholic liquor for human consumption.

GST exemption from registration

  • Agriculturists
  • Person who fall in the threshold exemption limit of turnover for supply of goods INR 40 lakhs and for supply of services INR 20 lakhs and for specified category INR 20 lakh and INR 10 lakh.
  • Person who are making NIL Rated and exempt supply of goods and services such as fresh milk, honey, cheese, agriculture services etc.
  • Person making activities which are not covered under the supply of goods and services such as funeral services , petroleum products etc.
  • person making supplies those are covered under reverse charge such as tobacco leave, cashew nut(not shelled and peeled ) etc.
Let’s understand the exemptions in each instance –

GST exemption for businesses

Small and medium scale businesses can enjoy GST exemptions if their aggregate turnover is up to a specified limit. When the GST Act was launched, this limit was INR 20 lakhs for individuals and businesses and INR 10 lakhs for hilly states and North-eastern States of India. However, in the 32nd GST Council Meeting, which was held in January 2019, the limits have been changed. These limits are as follows –
  • Businesses and individuals who are supplying goods can claim GST exemption if their aggregate turnover is less than INR 40 lakhs in a financial year.
  • For hilly and north-eastern States of India, the limit has been revised to INR 20 lakhs.
  • For businesses and individuals involved in the supply of services, the limit for claiming GST exemption is INR 20 lakhs
  • In case of hilly and north-eastern States, if the aggregate turnover is up to INR 10 lakhs, businesses and individuals supplying services can claim GST exemptions.
Hilly and north-eastern States would include Arunachal Pradesh, Jammu and Kashmir, Himachal Pradesh, Uttarakhand, Tripura, Nagaland, Sikkim, Meghalaya, Mizoram, Assam and Manipur.

Aggregate turnover, as per the GST Act, would include the aggregate value of all types of taxable supplies, inter-state supplies, exempt supplies and the goods and services which have been exported. The following, would, however, be deducted from the value of aggregate turnover –
  • CGST, SGST or IGST already paid by the investor
  • Taxes which are payable on the basis of reverse charge mechanism
  • Value of the inward supply of goods and services
  • Value of non-taxable goods and services#

GST exemptions for goods

There is a list of goods which do not attract GST as recommended by the GST Council. The reasons for granting exemption on goods might include any of the following –
  • In the interest of the public
  • The exemption is as per the GST Council’s recommendation
  • The exemption is granted by the Government through a special order
  • The exemption is allowed on specific goods through an official notification
Moreover, there are two types of GST exemptions on goods. These are as follows –
  1. Absolute exemption - under this type of exemption, the supply of specific types of goods would be exempted from GST without considering the details of the supplier or receiver and whether the good is supplied within or outside the State.
  2. Conditional exemption – under this type of exemption, supply of specific types of goods would be GST exempt subject to certain terms and conditions which have been specified under the GST Act or any amendment or notification.
Here is a list of some of the most common goods which are GST exempt –
Types of goods Examples
Live animals Asses, cows, sheep, goat, poultry, etc.
Meat Fresh and frozen meat of sheep, cows, goats, pigs, horses, etc.
Fish Fresh or frozen fish
Natural products Honey, fresh and pasteurized milk, cheese, eggs, etc.
Live trees and plants Bulbs, roots, flowers, foliage, etc.
Vegetables Tomatoes, potatoes, onions, etc.
Fruits Bananas, grapes, apples, etc.
Dry fruits Cashew nuts, walnuts, etc.
Tea, coffee and spices Coffee beans, tea leaves, turmeric, ginger, etc.
Grains Wheat, rice, oats, barley, etc.
Products of the milling industry Flours of different types
Seeds Flower seeds, oil seeds, cereal husks, etc.
Sugar Sugar, jaggery, etc.
Water Mineral water, tender coconut water, etc.
Baked goods Bread, pizza base, puffed rice, etc.
Fossil fuels Electrical energy
Drugs and pharmaceuticals Human blood, contraceptives, etc.
Fertilizers Goods and organic manure
Beauty products Bindi, kajal, kumkum, etc.
Waste Sewage sludge, municipal waste, etc.
Ornaments Plastic and glass bangles bangles, etc.
Newsprint Judicial stamp paper, envelopes, rupee notes, etc.
Printed items Printed books, newspapers, maps, etc.
Fabrics Raw silk, silkworm cocoon, khadi, etc.
Hand tools Spade, hammer, etc.
Pottery Earthen pots, clay lamps, etc.

GST Exemption on services

Just like specific goods, specific services are also GST exempt. There are three types of supply of services which would qualify for GST exemption. These include the following –
  • Supplies which have a 0% tax rate
  • Supplies which do not attract CGST or IGST due to the provisions stated in a notification which amends either Section 11 of CGST Act or Section 6 of IGST Act
  • Supplies which are defined under Section 2(78) of the GST Act which are not taxable.
Since these types of supplies are GST exempt, any Input Tax Credit which is applicable on these supplies would not be available to utilise or set off the GST liability.

Moreover, even under supply of services, there can be two types of GST exemptions which are as follows –
  • Absolute exemption wherein the service would be exempted from GST without any conditions
  • Conditional exemption or partial exemption wherein exemption is granted based on a condition. This condition states that if the service is supplied intra-State or if the service is supplied by a registered person to an unregistered one, GST would be exempted if the total value of such supplies received by a registered person is not more than INR 5000/day.
Here is a list of some of the services which enjoy GST exemption –
Types of services Examples
Agricultural services Cultivation, supplying farm labour, harvesting, warehouse related activities, renting or leading agricultural machinery, services provided by a commission agent or the Agricultural Produce Marketing Committee or Board for buying or selling agriculture produce, etc.
Government services Postal service, transportation of people or goods, services by a foreign diplomat in India, services offered by the Reserve Bank of India, services offered to diplomats, etc.
Transportation services Transportation of goods by road, rail, water, etc., payment of toll, transportation of passengers by air, transportation of goods where the cost of transport is less than INR 1500, etc.
Educational services Transportation of faculty or students, mid-day meal scheme, examination services, services offered by IIMs, etc.
Medical services Services offered by ambulance, charities, veterinary doctors, medical professionals, etc.
Organizational services Services offered by exhibition organisers for international business exhibitions, tour operators for foreign tourists, etc.
Other services Services offered by GSTN to the Central or State Government or Union Territories, admission fee payable to theatres, circuses, sports events, etc. which charge a fee up to INR 250

Though GST is applicable for all businesses and on the supply of goods and services, the above-mentioned exemptions are available. These exemptions reduce the GST burden and help in the socio-economic development of the country.




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Tuesday, January 2, 2018

Quickbooks University Review

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The Quickbooks University is a comprehensive video course that allows the user to maximize the use of the QuickBooks software for bigger and better profit.

First off, Quickbooks is a comprehensive accounting program that allows business owners to manage their accounts without the help of a full-time accountant. Considering how finance is the most important part of any business, Quickbooks guides the owner into deciphering their own financial operations, summarizing event and all in all  creating a better business.


Despite how easy Quickbooks makes accounting though, there’s still no question that the process requires more than a glancing knowledge of the software and the process. This is where The Quickbooks University comes in. 

This particular product provides a step-by-step approach with 37 videos on the use of Quickbooks and even more importantly – how to maximize the program for better profit results.

The tutorials tackle the right method of handling sales information, paying bills, payments from clients and how to work the sheet for customized reports. It also discusses how to create a comprehensive payroll for employees,  export Excel and even track and pay one’s own taxes. 

Since November 2012 The Quickbooks University Video course offers version #2 refelecting Quckbooks 2012.

The tutorials also informs users of how to customize their operational forms and formulas for a more business-specific setting.

What’s remarkable about the Quickbooks University though is the fact that the creator takes time to explain exactly how accounts and transactions relate to the overall function of the business. 

By learning how to analyze the financial implications, users will find that they can easily increase their profit by knowing which factors to manipulate.

Quickbooks University comes in video form and covers all operations of the business from the minute a sale is made to the point where taxes are paid. Compared to other tutorials, the course actually cost very little.

There are 3 options to choose depending on what a user needs to do with the course. A Individual User licence is obviously for individuals which need to learn Quickbooks for themselves, the Business Licence is for clients with  up to 3 users in the same company, and the Unlimited Licence is for coaches and teachers which like to use the course in their classes to teach others about Quickbooks. The last licence include also a download of all the tutorials, differently to the Individual and Business licence, which dipsplay the videos on screen only inside a member area.     

Even better, the CPA-author Mat Hultquist offers as a invaluable bonus a One-on-One support over a user only Forum and is providing a 100% Money Back Guarantee for those who decide to purchase but find themselves unsatisfied with the results.


What Will You Actually Learn? (Watch the video and see it by yourself) 


Saturday, July 8, 2017

Remixable Review: Scam or Legit? Truth Exposed!

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 Remixable is an web application tool created by Chris that lets in you to layout a internet site for an internet agency in a awesome way. Everybody can construct a professional-stage internet site in minutes by way of using their remix tool. It is straightforward to apply and does not need any prior technical knowledge. You could mix and magnify items to create and resale as software program equipment using Remixable. The dressmaker also offers live VIP training/coaching classes to remedy any doubts you could have, permitting you to develop your net organization. Remixable guarantees that money-making offerings are powerful. Is all of this, however, proper? Is it completely honest? Hold analyzing our Remixable review to analyze everything there may be to recognize about this application and discover whether or not it's miles right for you!

What Exactly Is A Remixable App?

It’s known as an all-in-one suite since it allows you to automate all aspects of internet marketing. The remix tool, which is basic yet effective, allows you to make modifications to your site whenever and however you choose.

Remixable not only boosts your product sales, but also allows you to rebrand, resell, and repackage the founder’s software tools, thereby multiplying your revenues.

You won’t need the support of web designers or SEO specialists to build up your dream online company with the traffic you want if you use Remixable.

To upgrade or gain access to the advanced features of your website builder, you usually have to spend a set amount of money. Remixable, on the other hand, provides you unlimited access to all of their functions as soon as you sign up as a founder member.

It also allows you to see a preview of upcoming features so that you may upvote the ones you want to see implemented. And, regardless of whether you’re a seasoned digital marketer or not, Remixable offers free VIP training on Traffic Hacks from the entrepreneur himself.

Remixable Features

  • The remix option allows you to quickly change the style of your website, including graphics, fonts, titles, content, and more. This gives you greater freedom when it comes to designing your website and attracts more visitors.
  • It contains more than 50 specialist content packs, which are pre-loaded media with images, headlines, and write-ups, among other things. As a result, you may publish your website significantly more quickly and make revenue in a matter of seconds.
  • It gives you complete access to all of the tool’s features, as well as any future updates, without requiring you to pay anything extra. You will be shown a preview of the most recent version and given the option of upgrading or not.
  • The Product Idea page, also known as the Resale Rights page, has all of the information, guidelines, and resell tools you’ll need to create your first product or website. You’ll learn three easy steps for creating online items and then put them into practice.
  • It enables you to resell 30+ high-quality digital marketing software solutions for resell rights, website construction, traffic generating, and more. You may also make use of them without having to purchase them individually.
  • It gives you access to the creator’s, a top digital marketer, templates, which you may use to remix and create your online business. All of the templates available may be customised to fit the look and feel of your intended website or product.
  • You’ll get full access to the PushPro tools, as well as the lite version, once you join Remixable. PushPro is a marketing solution that allows you to communicate with your subscribers by sending push notifications to their desktops and mobile devices. You may improve client follow-ups and possibly resale it at greater prices if you use this technology in conjunction with Remixable.
  • You can collaborate with the author, who will provide you with direct traffic from his sites as well as a buyer’s list. This allows you to generate more traffic and sales without relying on outside assistance.
  • Top-notch traffic hacking tutoring provides you with professional training on raising your website traffic from the entrepreneur himself. He recommends a collection of traffic techniques and procedures that are simple to learn and use. It helps you save money and time by reducing the cost and effort spent on creating adverts to market your brand. As a result, your website will not run out of visitors.


What Are The Advantages And Disadvantages Of Remixable Software?

  • Creates an infinite number of websites and web pages in order to facilitate enormous consumer sales.
  • Increases the number of visitors to your website without relying on external sources.
  • It does not need any prior technical expertise. The tool’s built-in training lessons include all you need to know about it and internet marketing.
  • Because of the limitless features, you may fully utilize your imagination.
  • As stated in the Remixable review, it allows you to quickly create and build your website with instant traffic.
  • Reselling high-quality software packages can help you generate more money.
  • Access to enhanced features does not require additional purchase.
  • Cannot be utilized without a high-speed internet connection available 24 hours a day, seven days a week.
  • It is fairly costly, and as a result, not everyone can buy it.


Is Remixable A Real Money-Making Software?

According to multiple Remixable evaluations, the author was able to create a six-figure income with this program. Remixable is another legal software that does not attempt to cause a financial loss in any way, as seen by the rock-solid 60-day return policy.

It is completely risk-free and does all possible to assist struggling internet marketers in building a successful business fast and effortlessly.

What Does Remixable Cost And Where Can I Get It?

Go to Remixable’s official website to download the original program. Here are the product’s prices:

  • Each month costs $275.
  • Each month costs $97.
  • For one year, the cost is $475.

 The first two price options are rather expensive, as you must pay for Remixable on a monthly basis. In comparison, the $475 one-year subscription is more beneficial because you get to utilize the Remixable software product for a complete year for a single payment.

You will be given immediate access to Remixable as well as a 60-day money-back guarantee since the author is confident in the quality of Remixable’s services.

Because of the firm refund guarantee, even if you are dissatisfied with the tool’s performance, you will not lose any money. There are currently no limited deals on this product, however, due to the increasing number of consumers, the author recommends purchasing Remixable software as soon as possible before costs climb.

Our Conclusive Remarks!

Remixable online money-making software is a trustworthy and high-quality digital marketing solution. It offers endless tools to develop and run your online company, as indicated in the Remixable review.

Regular website builders only provide templates and a limited set of capabilities, so you’ll need to enlist the support of internet marketing pros to properly launch and manage your brand.

However, Remixable includes the creator’s website templates as well as specific training courses, allowing you to effortlessly attract target clients without the need for further assistance.

 You may also not only sell but also resell your software products at greater prices, which is a capability that most site builders lack.




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