This free downloadable Handbook: VAT Exempted Goods and Services FY 2023-24 will help you to know full VAT exempted goods and services with H.S. Code. Full FIRST SCHEDULE of Value Added Tax and Supplementary Duty Act 2012 are provided in this PDF version downloadable handbook.
VAT exempted goods and services are important because when withholding entity will purchase goods or receive services, VAT at source will not be applicable. You know, VAT deducted at source is very important and the rates change each year through finance act. This year a new SRO 240 has circulated which has to follow to comply with the withholding VAT. Besides this VAT rates handbook, you have also to follow the separate SROs.
We have also published Handbook: TDS rates FY 2023-24 with section references, Handbook: VAT rates FY 2023-24 and Handbook: Supplementary Duty (SD) rates FY 2023-24 in this website. You may download the handbook by visiting the website.
However, subject to any limitation or condition specified in the notification in the official Gazette, the Government may exempt importation or supply of any goods or class of goods or rendering of any service from VAT.
The National Board of Revenue (NBR) may also by special order subject to the limitation and condition, exempt importation or taking delivery of any goods and receiving of any service for implementation from VAT against any international or bilateral agreement on reciprocal basis.