With the introduction of GST, the goods and services have been classified into Nil Rated, Exempted, Zero Rated and Non-GST supplies. The Purchase or Sales of these goods to a local or interstate customer does not attract GST, and can be recorded using a Purchase / Sales voucher. Let us take a look at what distinguishes each of them with some examples:
|Supply||GST Applicable||Type of Supply||Eligibility for ITC||Examples|
|NIL Rated||0%||Everyday items||No||Grains, Salt, Jaggery, etc.|
|Exempted||–||Basis essentials||No||Bread, Fresh Fruits, Fresh Milk, Curd etc.|
|Zero Rated||0%||Overseas supplies, Supply to Special Economic Zones (SEZ) or SEZ Developers||Yes||–|
|Non- GST||–||Supplies for which GST is not applicable but can attract other taxes||No||Petrol, Alcohol etc.|
In case of above Items and Goods , the option Nil Rated / Exempt has to be selected as the Taxability in the GST Details screen of the item or item group master.
Sold the following items in Cash which are Nil Rated and Exempted
|Name of items||Quantity||Rate||Value|
|Moong Dal||50 Kg.||100||5000||(Nil Rated)|
|Salt||20 kg.||30||600||(Nil Rated)|
Sale Invoice of above goods are given below :
GST Details of the above invoice :
When you Press Ctrl + I (More Details) and select GST – Tax Analysis from Additional Details and Press Alt + F1 for Details…you will see the GST Analysis as below by default.