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What is the basic difference in nil rated and exempted goods in gst
What is the basic difference between nil rated and exempted goods in gst?
Replies (3)
Nil Rated goods are those goods where tax rate is zero percent i.e the goods are basically taxable but rate is 0% where as Exempted goods are those goods where the goods are totally exempted from gst i.e goods are not taxable at all.
what is non product
The difference is , in case of Zero rated supply you are eligible to claim ITC but in case of exempted supplies you are not eligible to claim ITC.
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