Zero Rated Supply Under GST

Zero Rated supply means

  • Export of goods or Services or both or
  • Supply of Goods or Services to  or both to a Special Economic Zone developer or a Special Economic Zone unit.

In Zero Rated supply the GST rate will be Zero and Input Tax Credit can be availed by the Taxpayer.

Input Tax Credit on Zero Rated Supply : 

Subject to the provisions of sub-section (5) of section 17 of the Central Goods and Services Tax Act, credit of input tax may be availed for making zero-rated supplies, notwithstanding that such supply may be an exempt supply.

Refund of Credit In case of Zero Rated Supply: 

A registered person making zero rated supply shall be eligible to claim refundunder either of the following options, namely:––
(a) he may supply goods or services or both under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilised input tax credit; or
(b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and  claim refund of such tax paid on goods or services or both supplied,

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