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What is the difference between Nil Rated Supplies, Exempted and Non-GST supplies?
Nil Rated supplies are those supply of goods, or services, or both which are included in the Schedule of Taxes but the rate of Tax is “NIL”
Exempted supplies have been defined under section 2(47) and 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;
Non-GST supplies are petroleum products and alcoholic liquor for human consumption.Nil Rated is the supply of goods and services that have 0% GST.
Exempted is the supply of goods and services that does not attract GST and allows no claim on ITC.
Non-GST is the supply of goods and services that does not come under the scope of GST while other taxes maybe applicable.
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