What are standard rated, zero rated and exempt supplies?
Standard rated supplies are taxable supplies of goods and
which are subject to the standard rate. Zero rated supplies are taxable
supplies which are subject to a zero rate, that is not liable to GST at
the output or input stage. Exempt supplies are non taxable supplies
which are not subject to GST at the output stage that is, when supplied
to the consumer. However, the GST paid on input by the businesses
cannot be claimed as tax credit.