plz define the difference between nil rated and exempted rated .
ravi chandran (11 Points)
08 August 2017plz define the difference between nil rated and exempted rated .
kamalarao pamula
(135 Points)
Replied 08 August 2017
CA Jaspreet Kaur
(Practice)
(192 Points)
Replied 08 August 2017
lokesh deopura
(student)
(33 Points)
Replied 08 August 2017
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 08 August 2017
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 08 August 2017
Based on the Economic criteria goods are mainly classified as Nil rate goods or exempted goods however both are of - 0- value
NIL rated goods will be slowly or drastically changed as per economic scenario to increase rates .
But Exempted goods rates cannot be brought under taxable rates since it is for social requirement of the society or weaker section or policy of importance
for example - cancer / TB eradication programme ( in medical ) infrastructure development for common usage /
such exemption will be for a long period based on international commitment or scenario
Chintak Shah
(student)
(117 Points)
Replied 09 August 2017
Chintak Shah
(student)
(117 Points)
Replied 09 August 2017
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