Exempt Supplies for Rule 42 & 43 - GST Ready Reckoner - GST

Exempt Supplies for the purpose of Rule 42 Rule 43 Exempt Supplies Includes (a) supplies on which the recipient is liable to pay tax on reverse charge basis (b) transactions in securities, sale of land and, subject to clause (b) of paragraph 5 of Schedule II , (c) sale of building Note (i) For determining the value of an exempt supply as referred to in section 17(3) (a) the value of land and building shall be taken as the same as adopted for the purpose of paying stamp duty; and (b) the value of security shall be taken as 1% of the sale value of such security. [ Explanation 2 of rule 45 ] (d) the value of activities or transactions specified in paragraph 5 of the Schedule III ; (e) the value of such activities or transactions as may be prescribed in respect of clause (a) of paragraph 8 of the Schedule III . Excludes (a) The value of supply of services specified in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 42/2017-Integrated Tax (Rate), dated the 27th October, 2017 [ Omitted vide Notification No. 03/2019-Central Tax dated 29-01-2019 w.e.f. 01-02-2019 ] [ Explanation 2 of Rule 43 ] (b) the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances; and (c) the value of supply of services by way of transportation of goods by a vessel from the customs station of clearance in India to a place outside India. [ w.e.f 01.10.2023 Omitted vide Notification no. 38/2023- Central Tax dated 04-08-2023 ] (d) the value of supply of Duty Credit Scrips specified in the notification No. 35/2017-Central Tax (Rate), dated the 13 th October, 2017.