Vat
This query is : Resolved
NARAYANA MISHRA
(Querist)
31 December 2014
what is difference between exempted sales & zero rated sales. Both are non taxable
Mohit Singla
(Expert)
31 December 2014
The Exempted sales means goods are not liable to VAT and no rate for the same has been provided in the rules. Example : Postage Stamp.
The Zero Rates sales means goods are liable to VAT but rate mentioned in the rules are Zero percent. Example : Books, Clothes
The Zero Rates sales means goods are liable to VAT but rate mentioned in the rules are Zero percent. Example : Books, Clothes
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