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what is the difference between zero rated and exempted rated goods.plesae clarify with examples
Replies (3)
Exempted goods are those goods on which GST is not leviable and the seller is also not get ITC in respect of those supply
however, in the other hand zero rated are those goods on which GST is leviable but rate is 0% e.g. exoprt or supply to SEZ
and seller is able to get ITC
however, in the other hand zero rated are those goods on which GST is leviable but rate is 0% e.g. exoprt or supply to SEZ
and seller is able to get ITC
thank u sir very much sir
Export and Supplies to SEZ are termed as zero rated supplies. No tax on export but refund of ITC available.
Nil rated are taxed at 0%.
Exempt are for time being exempt under notification.
Nil rated are taxed at 0%.
Exempt are for time being exempt under notification.
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