Difference between 0 tax and exempted
unable remember the 0% tax and exempted tax
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Quick Summary
Zero rated tax means , All Export and supply to SEZ Units are Zero rated supply and Exempt supply means Exemption by of notification by the GOVT on certain Goods and services in public interest .
The most significant difference between the two is that Zero rated tax gives the benefit to claim Input Tax Credit, whereas Exempted tax doesn't allow one to take ITC for the inputs of exempted goods as it will lead to negative taxation. Apart from that, the definition is well covered by Prasad Nilugal sir.
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