GST News

80 Items Likely to be on the Exemption List under GST

https://upload.wikimedia.org/wikipedia/commons/thumb/e/ea/New_Zealand_Permanent_Warning_-_Exempt.svg/2000px-New_Zealand_Permanent_Warning_-_Exempt.svg.png

The Exemption List under GST is under Preparation. It is expected that Grains, Non-Mineral Water might be exempt and Biscuits, Butter and Cheese might attract GST. At present there are about 300 items which are exempt under Excise Duty and about 90 items are exempt under State VAT. The exemption list is going to be cut short so that there are minimum exemptions and the supply chain is not broken resulting in  blocked input tax credit.

http://www.business-standard.com/article/specials/up-to-80-items-likely-in-gst-exemption-list-116112201542_1.html

 

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