Which of the following transactions is exempt from GST?

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Question: Which of the following transactions is exempt from GST?

Options:

Correct Answer: Export of goods

Solution:

Export of goods is exempt from GST as it is zero-rated, meaning no tax is levied on exports.

Which of the following transactions is exempt from GST?

Which of the following transactions is exempt from GST?

Step 1: Understand what GST is. GST stands for Goods and Services Tax, which is a tax applied to most goods and services in a country.
Step 2: Learn about zero-rated supplies. Zero-rated means that the tax rate is 0%, so no GST is charged on those transactions.
Step 3: Identify the transaction in question. In this case, we are looking at the export of goods.
Step 4: Know that exports are considered zero-rated supplies. This means that when goods are exported, no GST is applied.
Step 5: Conclude that the export of goods is exempt from GST because it is zero-rated.

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