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Zero rated sale vs exempted sale

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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5 Answers
Data?1494421730 answered

dear friend ZERO RATED SALES ZERO RATED SALES Zero rated sale means a sale of any goods on which no tax is payable but credit of input tax related to that sale is available. Following sales are treated as zero rated sales for the purpose of this Act:. • Sale as specified in section 5(1) or 5(3) of the CST Act,1956. (i.e) Export sales. • Sale of goods to any unit situated within Special economic Zone. • Sale of goods to any international organization listed in Fifth schedule of the Act With both zero-rated sales and exempt sales you don't charge VAT. However, for zero-rated sales you are eligible to claim a tax credit for the input tax paid on your purchases; (Example: If a dealer is making exports, he is eligible to claim Input tax on purchases made within the state, subject to conditions) Whereas for exempt sales you are not eligible to claim a tax credit for the input tax paid on your purchases relating to such exempt sales. With both zero-rated sales and exempt sales you don’t charge VAT. For zero-rated sales you are eligible to claim a tax credit for the input tax paid on your purchases; whereas for exempt sales you are not eligible to claim a tax credit for the input tax paid on your purchases relating to such exempt sales.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

ZERO RATED SALE VS EXEMPTED SALE ZERO RATED SALE-- Taxability under Vat is at 0% Exempted sale- not taxable Zero rated sale- dealer can avail input tax credit Exempted sale- cannot avail input tax credit ..tax paid shall be treated as a part of cost. Zero rated sale-- records are required to be maintained. Exempted sale-- records are not required to be maintained. Zero rated sale-- vat credit gets refunded. Exempted sale-- refund not granted. Thanks

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Open uri20170510 32134 tcchcu?1494421832 answered

Hiiii friend..... **Exempt sales** are the sale of those goods which are not chargeable to tax.Such goods are not taxable.Thus,no input credit is available on such sales. **Zero-rated sales** are the sale of those goods on which VAT is chargeable at a fixed rate of 0%. As VAT is chargeable,hence,input credit can be availed on such sales. Thanks & Regards,

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hello, The zero rated sale & exempt sale are the term used in the sale of goods. It indicate whether goods is liable for the zero % of vat or it is exempt from vat. Zero rated sale means goods is liable for the Vat at the rate of Zero %. Such goods are basically necessary goods. Such goods are eligible for the Input Credit but since we are not paying vat we can't get the set off such vat. Exempt Sales means goods on which vat is leviable but the goods has been made exempt by the virtue notification or by any other reason. But on such exempt goods vat can be withdrawn any time by the government

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 20180702 145746 answered

**Zero rated sale vs exempted sale** - zero rated sales Zero-rated sales are the sale of those goods on which VAT is chargeable at a fixed rate of 0%. As VAT is chargeable,hence,input credit can be availed on such sales. - Exempted sales Exempt sales are the sale of those goods which are not chargeable to tax.Such goods are not taxable.Thus,no input credit is available on such sales.

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