Q1. What is the meaning of the term “Zero Rated Supply”? Ans. “Zero Rated Supply” refers to taxable supplies made to SEZ units / developers or exports of goods and / or services. Q2. What is the relevance of zero rated supplies? Ans. Zero Rated Supplies refers to supplies which are not liable to tax but the supplier is not required to reverse the credit relating to such supplies. This concept helps in ensuring that exports are tax free and the tax credit chain is not broken. Q3. Will export of goods be liable to GST? Ans. Export of goods will not be liable to GST subject to procedural compliance of executing bond with the jurisdictional GST officer. A taxable person also has an option to pay IGST on export of goods and claim the same as refund in such manner as may be prescribed by rules. Q4. Can SEZ unit / Developers claim refund of IGST charged by the supplier? Ans. Yes, Revised Model IGST Law allow the SEZ unit / developer receiving zero rated supplied to claim refund of tax charged by their suppliers. Recommended Articles
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