Hi Friends, Today, I will discuss about What is the differences between Nil Rated, Zero rated, Exempt supplies and Non GST supplies. ➧ ➧ ➧ Exempt Supply -: Exempt supply has been defined as supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax and includesnon-taxable supply. This type of supply includes items which are of Daily uses Basis . Since The goods & services are essentials, they do not attract GST. You can't claim ITC on such supplies. Eg., unbranded atta/maida/ besan, unpacked food, grains, milk,eggs, curd, health care services, educational services etc,. ➧ ➧ ➧ Zero-Rated Supply -: Supply made overseas and to special economic zone(SEZs) or SEZ Devlopers come under the Zero-rated supplies this supply attract 0% of tax rate under Goods and service Tax. ➧...
Hi Friends, Today, I will discuss about What is the differences between Nil Rated, Zero rated, Exempt supplies and Non GST supplies. ➧ ➧ ➧ Exempt Supply -: Exempt supply has been defined as supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax and includesnon-taxable supply. This type of supply includes items which are of Daily uses Basis . Since The goods & services are essentials, they do not attract GST. You can't claim ITC on such supplies. Eg., unbranded atta/maida/ besan, unpacked food, grains, milk,eggs, curd, health care services, educational services etc,. ➧ ➧ ➧ Zero-Rated Supply -: Supply made overseas and to special economic zone(SEZs) or SEZ Devlopers come under the Zero-rated supplies this supply attract 0% of tax rate under Goods and service Tax. ➧...