Nil-Rated Supply
Definition
A supply that attracts a GST rate of zero per cent under the tariff. It differs from a zero-rated supply (exports/SEZ, where input credit is preserved) and from an exempt supply, and the distinction affects how input tax credit is treated.
Related Terms in India GST
Mixed Supply
Under GST, two or more individual supplies sold together for a single price that are not naturally bundled. A mixed supply is taxed at the rate of the item carrying the highest GST rate in the bundle.
Composite Supply
Under GST, a supply of two or more goods or services that are naturally bundled and supplied together in the ordinary course of business, with one being the principal supply. The whole supply is taxed at the rate of the principal supply.
GST Registration Threshold
The aggregate turnover above which a business must register for GST in India. Separate limits apply for goods and services and for special-category states, and some businesses must register regardless of turnover. The applicable limit should be checked against the current notification.
Casual Taxable Person
A person who occasionally supplies goods or services in a state or union territory where they have no fixed place of business — for example at an exhibition or seasonal event. They must register in advance and deposit estimated tax for the period.
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