Exempt supply classification clarified: nil-rated, wholly exempted, and non-taxable services guide GST and input tax credit treatment. Exempt supply under GST covers nil-rated supplies, supplies wholly exempt under the CGST or IGST Acts, and non-taxable supplies. For input tax credit reversal, section 17(3) excludes Schedule III transactions from the value of exempt supply except specified exceptions; Rule 45 prescribes that land and building values follow stamp duty valuation and that security value is taken at a prescribed proportion of its sale value. Schedule III transactions are not treated as supplies.