As we know it is very important to mention details of SUPPLY in below mentioned bifurcation –
ZERO RATED
NIL RATED
EXEMPT
NON GST
and even some SUPPLIES are not part of GST (Not a SUPPLY as per GST Act)
So for understanding it in detail, Below is the VIDEO ling covering all the details as per GST Law & Notification References & all the differences between them in SUMMARY CHART FORM,
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Under GST, there is a lot of confusion about the difference between nil rated and zero rated supplies, as well as the difference between non-taxable and exempt supplies. While the end result of all these supplies is the same, i.e. GST is not charged on the supply, it is important to know the real difference between these supplies. This is also important from a reporting perspective, because in GST returns, a clear bifurcation of the value of each of these supplies is required to be furnished.
for reporting in GST returns keep in mind:
By definition, exempt suppy under GST is a broad term which includes nil rate supplies, non-taxable supplies and specific supplies which are notified as exempt from tax. Hence, in the GST Law and rules, reference to exempt supplies includes nil rate supplies, non-taxable supplies and the specific supplies declared as exempt by notification.
However, in GST returns, the Department requires a bifurcation between nil rate, non-taxable and exempt supplies. Here, exempt supplies refer to supplies declared as exempt from tax by issue of a notification.
Meaning of Nil Rated: Goods or services on which GST rate of 0% is applicable (listed in Schedule 1 in the GST rate schedule) are called nil rated goods or services. Supply of any of these goods or services is a nil rated supply under GST.
Meaning of Non Taxable:
Goods or services on which GST is not leviable (as these goods or services are kept out of the purview of GST) are called non-taxable goods or services. Supply of any of these goods or services is a non-taxable supply under GST.
Meaning of Zero Rated::::
Any goods or services supplied in the course of the following is a zero rated supply under GST:
a. Export or
b. Supplies to Special Economic Zones (SEZ) or SEZ developers
Note that here, tax is not charged owing to the nature of supply, regardless of the goods or services supplied.
Note: For persons making a zero rated supply under GST, 2 options have been given:
Supply goods or services under bond or Letter of Undertaking, without payment of tax and claim refund of unutilised input tax credit, or
Supply goods or services with payment of tax and claim input tax credit