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Nil rated n exempt goods

Aditi (Job) (205 Points)

11 July 2017

Whats the difference between zero rated exempt goods n nil rates? Is there any difference ya its same

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178312 Points)
Replied 12 July 2017

As per the proposed GST Law, “zero rated supply” means any of the following taxable supply of goods and/or services, namely –
(a) export of goods and/or services; or
(b) supply of goods and/or services to a SEZ developer or an SEZ unit.

“Exempt supply” or to say Nil rated supply means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply.