Exemptions for electric items
Yes, there are some specific Exemptions for electric items and deductions for electrical items sales and services under the GST law.
Exemptions
1. Sale of electrical energy by an electricity transmission or distribution utility.
2. Supply of electrical goods to a government department or a local authority for its official use.
3. Supply of electrical goods to a charitable institution or a religious institution for its charitable or religious purposes.
4. Supply of electrical goods to a scientific research institution for its research purposes.
Deductions
1. Input tax credit (ITC) on inputs and input services used in the manufacture or supply of electrical goods.
2. Depreciation on electrical goods used in the business.
3. Investment allowance of 15% of the cost of new electrical goods acquired and installed by a company.
In addition to these, there may be other exemptions and deductions that are specific to the type of electrical goods being sold or the type of service being provided. It is important to consult with a tax advisor to determine the specific exemptions and deductions that may be available.
To visit: https://www.incometax.gov.in
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