is gst on wheat nil rated or exempted??
what's diffrence between nil rated and exempted supplies in layman terms??
The difference is that in Nil rated items, the rate is 0%. Hence tax is 0.
In exempted items, there is no rate of tax due to exemption notification.
Basically the net result is the same in layman terms.
Unbranded wheat is Nil rated, branded wheat is 5%.
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