Under different taxation systems, a host of goods or services is exempt from tax owing to socio-economic reasons. For instance, under the service tax regime, clinical and education services were exempt from service tax. Similarly, the sale of life-saving drugs or books meant for reading in di...
What is exempt supply? Following three types of supplies are covered under exempted supply: Supplies that have a ‘NIL’ rate of tax; Supplies that arewholly exemptedfrom GST Law; Supplies that arenot taxableunder GST Law i.e. alcoholic liquor for human consumption. ...
Consider Also:Tax Preparation Software: Choosing the Best Tax Software for Your Needs Filing Schedule A Report your deduction for gifts to Goodwill and other charitable organizations, such as churches, homeless shelters and schools, on Schedule A of Form 1040. You need to add the charitab...