Gst nil, zero ,exampt

Zero rated sale is export sale sale

Before to umderstand nil rated & exmpted
Read the defination of exempted below
U/S 2 (47) cgst "Exempted supply" means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from the tax under section 11, or under section 6 of the igst act, & includes Non-taxable supply.
Exempt U/S 11cgst &, U/S 6 igst says: government has power to notify in public interest any goods and services to exempt or nil rate by issuing of notification.
Following are notification issued in this regard:--
(i) Notification 2 central rate- list of Exempted goods. Eg- curd, lassi, butter milk, vegetables, fruits,salt, raw silk, cheques loose, books, national flag, puja samagri

Notification 12- list of Exempted services: renting of residential house for use as residence, transmission or distribution of electricity (S. No. 25). Interest (other than on credit card services)
services(charitable) by an entity registered U/S 12 AA of income tax act. Education, transporter (not gta)

(iv) Notification 10- 2nd hand goods dealer, as when he purchase & sells, gst is applicable only in margin (profit), if loss then no gst.

As to above explantion there is no difference in nil rated & exempted









So there are many more notification issued in this regard, so in short technically there is no difference in Nil rated & exempted

Hi

Nil rated goods - When goods are sold as nil rated goods (i.e 0% tax rate), there is no need to reverse Input tax credit availed on the assessee's purcahses

Exempt godds - When goods sold are exempt from tax, then input tax credit has to be reveresed on the purchases made by the assessee as per the formula prescribed in Input credit rules 

 

Thank you

GTA IS NO LIABILITY WHILE FILING GSTR1 WHERE THE COLOUMS FILLED. WE ARE GTA TO ALL ARE REGISTERED CORPORATES LIKE, GODREJ,HINDUSTAN UNILEVER, ETC.,, AS PER GST ACT SERVICE RECEIVER IS LIABLE TO PAY GST ON RCM BASIS OF 5%.

under table 4 by ticking reverse charge toggle on