Dear Sir/Mam
What is Difference between the Nil Rate & Exempted Rate Of GST..
Please Clarify..
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GST Nil & Exempted
Replies (3)
The basic difference between nil rated and exempt supply is that the tariff is higher than 0% in case of exempt supply. But there is no tax payable due to exemption notification. Whereas in case of NIL rated supply, the tariff is at NIL rate so there is no tax without the exemption notification.
In simple Words:
Nil Rated : It is the supply of goods and services that have 0% GST.
Example: Grains, salt, jaggery etc.
Exempted :It is the supply of goods and services that does not attract GST (Exempted by Notification)
Nil Rated : It is the supply of goods and services that have 0% GST.
Example: Grains, salt, jaggery etc.
Exempted :It is the supply of goods and services that does not attract GST (Exempted by Notification)
NIL-Rated Supplies that have a declared rate 0% GST for example Salt, Grain, Jaggery etc. Exempt Supplies are taxable but dot attract GST and for which ITC can't be claimed.
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