nil rated or exempted goods
Uttam Roy (67 Points)
03 September 2017I hope both are same....
If I search cereals
it shows nil rated ( non taxable) exempted both
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 September 2017
Yes, both mean same.
Sec. 2(47) of the CGST Act, 2017, “exempt supply” means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply. |
Exempt supply consists the following three:
1. Supply taxable at nil rate.
2. Supply that is wholly/partially exempted from CGST/IGST, by way of a notification.
3. Non-taxable supply, i.e. alcoholic liquor for human consumption.
RAJA P M
("Do the Right Thing...!!!")
(127283 Points)
Replied 03 September 2017
CA ALOK KUMAR
(FCA, AMLS,GSTP)
(615 Points)
Replied 03 September 2017