GST non-exempt categories
In the context of Goods and Services Tax (GST), the term “non-exempt” generally refers to supplies or transactions that are subject to GST. In other words, non-exempt supplies are those on which GST is applicable and needs to be collected and remitted to the tax authorities.
Under the GST system, there are two main types of supplies: taxable supplies and exempt supplies. Taxable supplies are subject to GST, whereas exempt supplies are not liable for GST non-exempt categories supplies refer to taxable supplies, meaning they are not exempt from GST.
To visit https://www.gst.gov.in/
When a supply consider non-exempt, it means that it falls within the scope of GST and is subject to the applicable tax rates, compliance requirements, and reporting obligations. The supplier of non-exempt supplies is responsible for charging and collecting GST from the recipient, maintaining proper records, filing GST returns, and remitting the collected tax to the tax authorities within the prescribed timeframes.
It’s important for businesses to understand whether their supplies are exempt or non-exempt under GST as it determines their tax obligations and compliance requirements. Compliance with GST regulations ensures proper collection, payment, and reporting of GST, avoiding penalties or legal implications for non-compliance.