Explain the concept of "Zero rated and Exempt transaction" for the purpose of availment of input tax credit in GST law.

"Exempt supply" means supply of goods or services which attracts Nil rate of tax or which are wholly exempt from tax and includes non-taxable supply. "Zero rated supply" means export of goods or services or supplies made to Special Economic Zone (SEZ) developer or SEZ unit. As per section 17(2) of CGST Act, 2017 where the goods or services or both are used by the registered person partly for effecting taxable supplies including zero-rated supplies and partly for effecting exempt supplies, the amount of credit shall be restricted to so much of the input tax as is attributable to the said taxable supplies including zero-rated supplies.