What is the difference between Nil rate, Zero percent and Zero rated supplies under GST.
Supplies under GST
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Understanding Nil Rate, Zero Percent, and Zero-Rated Supplies in GST: Key Differences and Registration Queries Explained A forum discussion addresses the differences between nil rate, zero percent, and zero-rated supplies under GST. Nil rate or 0% refers to exempt supplies where no input tax credit is available. Zero-rated supplies, such as exports or supplies to SEZs, have a zero tax rate but allow input tax credit. The distinction between zero and nil is primarily linguistic, with both indicating no tax. A query is raised about the GST registration requirement for those dealing solely in zero-rated supplies without claiming input tax credit. Participants share interpretations and legal references to clarify these concepts. (AI Summary)