confusion in nil rated goods and exempted goods
I hope both are same....
If I search cereals
it shows nil rated ( non taxable) exempted both
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nil rated or exempted goods
Replies (3)
Yes, both mean same.
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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.
Both are different as per notified names as Excempted and Nil rated... But, Both taxes are 0 (Zero).
Exempted : No more tax rates (-)
Nil Rated : Tax rate is Zero (0).....
Exempted : No more tax rates (-)
Nil Rated : Tax rate is Zero (0).....
You may refer www.gstkendra.com
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