Hello friends ,Export of a nil rated item under GST-Is it considered as Zero rated supply or Nil rated Supply?
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Gst classification
Replies (18)
It is ZERO rated supply....
export of goods or deemed export of goods are zero rated supply
But the supply which is chargeable to nil rate of tax or 0% of tax will come under Nil rated Supply.So merely because of export of goods,How can we say that it is zero rated supply???
@ Gayathri...plz refer section 16 of IGST act... Export of goods or services is zero rated supply and not exempted supply.... On export u hv to pay taxes later on get refund if not makeing export through LUT OR BOND
Zero is also a rate... Nil rated is exempted supply
thank u
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Welcome mam😀😀😀😀😀
out or bond mean
That is LUT or bond... LUT means letter of undertaking.... When u make export through LUT OR BOND then u hv no need to pay tax on that
why so
Actually export of goods is zero rated... But when u r not exporting through BOND OR LUT then u hv to pay taxes and later u will hv to make refund application.... LUT AND BOND Is a kind of self declaration.... Actually for increasing export government makes its tax free so that people make export more and bring foreign currency in india
Bond and LUT is a kind of surety
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