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0% mystery

330 views 7 replies

Dear Friends

Are goods with GST rate of 0% exempted goods or taxable goods?

I am asking because a registered person is required to issue tax invoice in respect of taxable goods and bill of supply in respect of exempted goods.

Neither exempted goods or taxable goods have been defined in the CGST act but section 2(47) of cgst act does include 0% goods under exempt supply.

i am confused.

please suggest.

regards

shivani

Replies (7)
zero rated goods means goods which are to be export or supplied to sez and therefore any good may be zero rated and zero rated is not exempted good therefore suppliers will issue
tax invoive for export under LUT or under bond

but NIL Rated goods are exempted goods and supplier will issue bill of supply
or goods notified also exmpted goods
or goods which are beyond Gst purview are also exempyed good
0% and nil rate both are different terms in gst
Goods with 0% rate is nil rated supply... In future rate may be increased on that... Exempted supply means out of purview of gst.... And zero rated supply means export sale or sez supply
Exemoted means doesn't attract gst
Taxable goods but not exempted goods
Dear friends,
Bill of supply will be issued by dealer registered under composite scheme,but not for 0% rated goods or exempted goods in which tax amount should not be shown and recovered from buyer.
Bill of supply should also be issued for exempted goods... Plz go through rules....


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