Taxation · Goods and Services Tax (GST)
Under GST architecture, zero-rated supplies are significant because they allow suppliers to:
- 1make taxable outward supplies without any documentation
- 2export goods/services without tax payment or claim refund of unutilized Input Tax Credit (ITC)✓
- 3set off direct tax liabilities against indirect tax refunds
- 4claim depreciation on tax paid inputs twice
Correct answer
export goods/services without tax payment or claim refund of unutilized Input Tax Credit (ITC)
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