u/S 17 ITC is available on supplies used for furtherance of business including zero rated but no ITC on exempted supplies
but as per sec. 2 meaning of exempted supplies includes nil rated supplies so what is the difference between nil rated supplies and zero rated supplies.
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Sec. 17 party availability of ITC
Replies (1)
"Zero Rated" supplies means supplies for exports or supplies to SEZ
"Nil Rated" means for which no rate is given in the tariff. Till date, no goods have been classified as Nil Rated in GST Regime
"Exempt" Goods/ Services list available on the CBEC Portal.
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