How to differentiate Principle of supply with Zero rated supply?
What is Principle of supply? How does Zero rate supply work under GST regime? What are the difference between Zero rated supply and Principle of supply?
Under GST system, the following information explains about Principle of supply and Zero rated supply.
As per GST terms, Principle of supply has been inclusively defined in the Act. The meaning and scope of supply under GST can be understood in terms of following six parameters, which can be adopted to characterize a transaction as supply.
Zero-Rated Supply means goods and services sold by the companies are free from Goods and Services Tax (GST). No GST will be charged on these goods & services. "Zero appraised supply" under Section 16 of the IGST Act, 2017 means any of the accompanying supplies of products or administrations or both, in particular: fare of products or administrations or both; or supply of products or administrations or both to a Special Economic Zone engineer or a Special Economic Zone unit.
The details about Principle of supply and Zero rated supply with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Zero rated supply and Principle of supply, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Principle of supply and Zero rated supply separately below. You may kindly read the below links to know more about Zero rated supply and Principle of supply.
Term Principle of supply under GST
Zero rated supply under GST
The above information easily explains about Principle of supply and Zero rated supply.
We hope, you have satisfied with the difference between Zero rated supply and Principle of supply explained above. Do you have different thought on difference between Zero rated supply and Principle of supply?
Share below your thoughts about Zero rated supply and Principle of supply.
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