is gst on wheat nil rated or exempted??
what's diffrence between nil rated and exempted supplies in layman terms??
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Gst on wheat
Replies (5)
The difference is that in Nil rated items, the rate is 0%. Hence tax is 0.
In exempted items, there is no rate of tax due to exemption notification.
Basically the net result is the same in layman terms.
Unbranded wheat is Nil rated, branded wheat is 5%.
In exempted items, there is no rate of tax due to exemption notification.
Basically the net result is the same in layman terms.
Unbranded wheat is Nil rated, branded wheat is 5%.
As per HSN 1001 Wheat is Exempt
Both Nil rated and Exempt mean that the government cannot levy tax on the same
however in the case of nil rated supply you cab claim ITC for the same
and in case of Zero rated supply you cannot claim any Credit for the same.
Both Nil rated and Exempt mean that the government cannot levy tax on the same
however in the case of nil rated supply you cab claim ITC for the same
and in case of Zero rated supply you cannot claim any Credit for the same.
Wheat ( other than those put up in unit container and bearing a registered brand name ) is exempt supply .Vide notification no 2/2017 CT rate 28/6/2017 .
Exempt or Nil rated supply means certain Goods or services are kept Nil rated or exempted in the public Interest , by way of Notification by the GOVT on the recommendation of the GST council .
Exempt or Nil rated supply means certain Goods or services are kept Nil rated or exempted in the public Interest , by way of Notification by the GOVT on the recommendation of the GST council .
Sir, notification 2/2017 mentions only intra- state supplies. is inter state also exempted??
Gst on loose wheat no gst.
packed 5%
packed 5%
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