Dear all members
What is the difference between nil rated , zero rated, Exempted, and non GST supply
thanks
Zero rated... supply to SEZ, or exported
Non GST supply..... which are out of ambit of GST act. Petrol, alcohol etc.
Exempted Supply .... Which are exempted from levy of GST like renting of residential units.
Nil rated supply are presently at 0% GST, but the rate can be changed, if required. At the same time refund of ITC can be claimed under Inverted Duty Structure.
CAclubindia
