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US Army slang in common use during the Vietnam War but probably originated during the Korean War. The phrase has multiple meanings which are dependent on the inflexion used and can usually only be determined from the context of the conversation. Four of the commonest are:-
1 No shit? – Are you giving me the facts?
2 No shit! – I am telling you the absolute truth!
3 No shit. – Don’t give me any lies or evasions.
4 No shit? (A question but with an implicit sneer) – Why don’t you carry on stating the obvious, you dumb cocksucker?
“Get your gear together, Charlie’s had his ass kicked and we’ve got 24 hours in Saigon!”
“No shit?”
“No shit!”
No Shit by AKACroatalin November 22, 2016
One of those miraculous phrases that makes the English language great. Depending on how it is said, can signify either genuine suprise or annoyance with the obvious.

First case: often said slowly, emphasizing each word and with "shit" often raised slightly. = "You don't say"

Second case: usually said quickly and without as much emphasis, for you really just want to get on with your life and not listen to this fucktard anymore
no shit by ToastedBread July 7, 2011
Expression said to people who state the obvious.
No Shit by Patti July 12, 2003
a quick and witty come back to some who states the obvious
woman behind a burger van: do you want a cheese burger? its the same as a normal burger but with cheese on

guy picking his food: no shit
no shit by metalrob1 November 28, 2009
To affirm as in "no really?" but in a sarcastic, slightly insulting way.
No Shit by smaq February 22, 2003
A witty but slightly over-used comeback when someone states the obvious. Works well when someone is making fun of themselves to be funny. Responding with "No shit" makes them feel appropriatly stupid.
Dude 1 - "Haha I'm such a sped!"
Dude 2 - "No shit."
*Dude 1 tries to think of a comeback*
Dude 1 - "...So, how 'bout them Red Sox?"
No Shit by i am so cool. November 17, 2004