BISWAJIT PRADHAN (243 Points)
29 March 2019
Lisha Bansal
(CA Finalist)
(2595 Points)
Replied 29 March 2019
Zero-rated goods- These goods include exports and supplies to SEZ or SEZ developers. ITC can be claimed on these. Taxes paid on these goods are refunded.
Nil rated goods- Goods having a 0% GST. ITC cannot be claimed on these goods.
Exempted goods- These goods are either fully exempt or partially exempt. So simplifying it, a tax rate is applicable on these goods. CBIC issues a notification to exempt their taxability. ITC cannot be claimed.
CA Ankit Agarwal
(CA, CS)
(693 Points)
Replied 29 March 2019
1.Nil Rated Supply - Supply which is chargeable to nil rate of tax or 0% of tax. E.g Grains, salt etc.
2.Zero Rated Supply - It includes :
a. Export of goods or services or
b. Supply of goods or services to a SEZ developer or SEZ Unit
3. Non GST supplies: These supplies do not come under the purview of GST law. E.g. Alcohol for human consumption, Petrol etc.
4.Exempt Supplies - Supplies which are wholly exempt from tax under GST Act. E.g Fresh milk, Fresh fruits, Bread etc.
Hope it helps.
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