Valuation
Rajya Lakshmi (Management Trainee) (57 Points)
11 February 2017
In case of Exempt Supplies under GST, what is the difference between Nil rate Supplies and Zero percent supplies?
2 Replies
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 11 February 2017
For a “zero-rated good,” the government doesn’t tax its sale, but allows credits for the value-added tax (VAT) paid on inputs. If a good or business is “exempt,” the government doesn’t tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it.
Rajya Lakshmi
(Management Trainee)
(57 Points)
Replied 11 February 2017
There are three types of rates under GST
1. Exempt Supplies - Nil rate , Zero pecent supplies
2. Zero Rated Supplies - Supplies to and from SEZ.
I want to know the difference between those two mentioned within the Exempt Supply.
Recent Topics
- Challan Sl number starting zero not getting saved
- AY25-26 ITR2 Excel utility
- Validity of Supplementary Reports and Scrutinizer'
- 80 D Health insurance deduction
- Demand raised for interest on short payment of tax
- Any improvement in ITR processing time now?
- Itr 4 is balance sheet compulsory
- Interest from SCSS in post office
- TDS Not claimed for FY 2023-2024
- GST 2 Unit
Related Threads
Trending Online Classes
CAclubindia
