What are Zero Rated Supplies under the Integrated Goods and Services Act, 2017 (IGST)? Explain the options available to a registered person to claim refund against zero rated supplies.

Zero Rated Supply Section 16 of the Integrated Goods and Services Tax Act, 2017 (IGST Act) provides that Zero Rated Supply shall be any of the following supplies of goods or services or both, namely; Export of goods or services or both; or Supply of goods or services or both to a Special Economic Zone Developer or to a Special Economic Zone Unit. Options available to claim refund against Zero Rated Supplies: The registered person may supply goods or services or both under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilized Input Tax Credit; or The registered person may supply goods or services or both, subject to such condition, safeguards and procedure as may be prescribed, on payment of integrated tax and claim refund of such tax paid on goods or services or both supplied.