Differences between Nil Rated, Zero Rated, Exempt Supply,and Non GST supplies

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. 

➧➧➧   Non-GST Supply -:  

Such type of supply doesn't come under the Scope of GST. but It might be attract other applicable taxes which are as per jurisdiction of state and country. Eg.. Petrol, Alcohol, etc..

➧➧➧   Nil Rated Supply -: 

Such type of supply attract 0% of Tax rate under GST

Raghav kumar