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
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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
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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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