Partly Exempted Calculator

✖Exempted Turnover refers to the total value of supplies made by registered taxpayers that are classified as exempt supplies under GST regulations.ⓘ Exempted Turnover [EDT]			+10% -10%
✖Total Turnover refers to the aggregate value of all supplies made by a registered taxpayer within a specified period.ⓘ Total Turnover [TLT]			+10% -10%
✖Common Credit refers to the input tax credit that is available to a taxpayer for goods or services that are used for both taxable and exempt supplies.ⓘ Common Credit [CC]			+10% -10%

✖Partly Exempted refers to a situation where a business makes both taxable and exempt supplies.ⓘ Partly Exempted [PYE]

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Formula

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Partly Exempted

Formula

`"PYE" = ("EDT"/"TLT")*"CC"`

Example

`"15380"=("1000"/"500")*"7690"`

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Partly Exempted Solution

STEP 0: Pre-Calculation Summary

Formula Used

Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit
PYE = (EDT/TLT)*CC
This formula uses 4 Variables

Variables Used

Partly Exempted - Partly Exempted refers to a situation where a business makes both taxable and exempt supplies.
Exempted Turnover - Exempted Turnover refers to the total value of supplies made by registered taxpayers that are classified as exempt supplies under GST regulations.
Total Turnover - Total Turnover refers to the aggregate value of all supplies made by a registered taxpayer within a specified period.
Common Credit - Common Credit refers to the input tax credit that is available to a taxpayer for goods or services that are used for both taxable and exempt supplies.

STEP 1: Convert Input(s) to Base Unit

Exempted Turnover: 1000 --> No Conversion Required
Total Turnover: 500 --> No Conversion Required
Common Credit: 7690 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

PYE = (EDT/TLT)*CC --> (1000/500)*7690

Evaluating ... ...

PYE = 15380

STEP 3: Convert Result to Output's Unit

15380 --> No Conversion Required

FINAL ANSWER

15380 <-- Partly Exempted

(Calculation completed in 00.004 seconds)

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Created by Aashna

IGNOU (IGNOU), India

Aashna has created this Calculator and 100+ more calculators!

Verified by Surjojoti Som

Rashtreeya Vidyalaya College of Engineering (RVCE), Bangalore

Surjojoti Som has verified this Calculator and 10+ more calculators!

< 14 Tax Calculators

Taxable Income for Corporation

Go Taxable Income for Corporation = Gross Sales-Cost of Goods Sold-Operating Expense-ceil(Interest Expense)-Tax Deduction

Maximum Refund Amount

Go Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst

Total Eligible Credit

Go Total Eligible Credit = Total Itc-(Itc for Personal Expenses+Itc for Exempted Supplies+Non Eligible Itc)

Taxable Income for Individual

Go Taxable Income for Individual = Gross Total Income-ceil(Total Exemptions)-Total Deductions

GST Excluding Amount

Go Gst Excluding Amount = floor(Gst Including Amount)/(1+Goods and Service Tax Rate/100)

Partly Exempted

Go Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit

Retail Price

Go Retail Price = round(Price/(1+Percent),2)

Goods and Service Tax

Go Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate

Common Credit

Go Common Credit = Total Eligible Credit-Normal Input Tax Credit

Sales Tax Amount

Go Sales Tax Amount = Price*(Sales Tax Percentage/100)

Tax Equivalent Yield

Go Tax Equivalent Yield = Tax Free Yield/(1-Tax Rate)

Effective Tax Rate

Go Effective Tax Rate = Tax Expense/Pre Tax Income

Total Sales Tax

Go Total Sales Tax = Price+Sales Tax Amount

Net Price

Go Net Price = Cost of Product+Gst Amount

Partly Exempted Formula

Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit
PYE = (EDT/TLT)*CC

What is Partly Exempted ?

Partly Exempted means when a business deals in both taxable and exempt supplies, it is considered partly exempted. This means that only a portion of the business's activities are subject to GST, while another portion is exempt from GST. Businesses that are partly exempted may still be entitled to claim input tax credit for the GST paid on inputs used in making taxable supplies. However, they are generally not eligible to claim ITC for inputs used in making exempt supplies. Taxable Supplies are goods or services that are subject to GST. When a business sells taxable supplies, it is required to charge GST on the sale and remit the collected tax to the government. Exempt Supplies are goods or services that are not subject to GST. Transactions involving exempt supplies do not include GST, and therefore, no GST is charged or collected on these transactions. Understanding the concept of being partly exempted is important for businesses to accurately calculate their GST liability and claim ITC.

How to Calculate Partly Exempted?

Partly Exempted calculator uses Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit to calculate the Partly Exempted, Partly Exempted means that the activities of the business include transactions that are subject to GST (taxable supplies) as well as transactions that are not subject to GST (exempt supplies). Partly Exempted is denoted by PYE symbol.

How to calculate Partly Exempted using this online calculator? To use this online calculator for Partly Exempted, enter Exempted Turnover (EDT), Total Turnover (TLT) & Common Credit (CC) and hit the calculate button. Here is how the Partly Exempted calculation can be explained with given input values -> 15380 = (1000/500)*7690.

FAQ

What is Partly Exempted?

Partly Exempted means that the activities of the business include transactions that are subject to GST (taxable supplies) as well as transactions that are not subject to GST (exempt supplies) and is represented as PYE = (EDT/TLT)*CC or Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit. Exempted Turnover refers to the total value of supplies made by registered taxpayers that are classified as exempt supplies under GST regulations, Total Turnover refers to the aggregate value of all supplies made by a registered taxpayer within a specified period & Common Credit refers to the input tax credit that is available to a taxpayer for goods or services that are used for both taxable and exempt supplies.

How to calculate Partly Exempted?

Partly Exempted means that the activities of the business include transactions that are subject to GST (taxable supplies) as well as transactions that are not subject to GST (exempt supplies) is calculated using Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit. To calculate Partly Exempted, you need Exempted Turnover (EDT), Total Turnover (TLT) & Common Credit (CC). With our tool, you need to enter the respective value for Exempted Turnover, Total Turnover & Common Credit and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

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