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regarding exempted and nil rated
you had said that jaggery and salt, grains are nil rated, also these goods comes under exempted.i am confusing... please say what is the difference between nil rated and exempted supplies with examples
Replies (3)
Nil Rate
This type of supply attracts a GST of 0%. Input tax credit cannot be claimed on such supplies. Some items which are nil rated include grains, salt, jaggery, etc.
Exempted
This supply includes items which are used for everyday purposes. Since they are basic essentials, they do not attract any GST at all. You will not be able to claim any ITC on such supplies. Some examples are, bread, fresh fruits, milk, curd, etc.
This type of supply attracts a GST of 0%. Input tax credit cannot be claimed on such supplies. Some items which are nil rated include grains, salt, jaggery, etc.
Exempted
This supply includes items which are used for everyday purposes. Since they are basic essentials, they do not attract any GST at all. You will not be able to claim any ITC on such supplies. Some examples are, bread, fresh fruits, milk, curd, etc.
0% is one of the Tax Rate (which is number as 0. Introduced by Our Indian 👍).
Exempted means No rate of Tax...
Exempted means No rate of Tax...
Good Explanation with logic....
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