0% mystery

266 views 7 replies

Shivani

Learner

1881 Points Joined December 2012

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)

sunil

accountant

141 Points Joined January 2015

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

sunil

accountant

141 Points Joined January 2015

0% and nil rate both are different terms in gst

Divakar

Student CA Final

11857 Points Joined May 2015

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

Divakar

Student CA Final

11857 Points Joined May 2015

Exemoted means doesn't attract gst

Mallikarjunreddy

Article Assistant

33 Points Joined September 2014

Taxable goods but not exempted goods

rajesh chowdary

student

118 Points Joined April 2009

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.