taxable supply

taxable supply

any supply of goods or services by a person registered for VALUE ADDED TAX which is not an exempt supply.
References in periodicals archive ?
In accordance with the executive regulations pertaining to tax exclusive prices, in the case of a taxable supply, the published price shall be inclusive of VAT.
To give a quick brief, VAT registered businesses should charge VAT on taxable supply of goods and services, claim Input Tax Credit on VAT paid on their purchases, which will be deducted from VAT payable on sales.
Provision of educational services by a 'qualifying educational institutions' is a zero-rated taxable supply.
Seminaries and religious societies may take shelter under this provision, if there is no other taxable supply.
The tax incurred by the owner on the building needs to be apportioned where there is an exempt supply, and the portion related to the taxable supply (at 0 per cent and 5 per cent) may be recovered.
11) Indeed, the responsibility to collect and remit GST/HST does lie with drivers as they provide the taxable supply.
Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017 provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.
The onus of proof of proportion of the input attributable to taxable supply ought to be fixed upon the registered person and the board may not be empowered to fix any specific manner excluding the rest of the manner as unacceptable one.
It is unclear, however, whether a section 156 election will remain valid if a new entity acquires property with the intention of making a taxable supply within the succeeding 12 months and, due to unforeseen circumstances, does not make any taxable supplies during that period.
The concession was given to help businesses following a change of legislation that required self-storage companies to treat the charges made for a person storing goods at their premise as a taxable supply subject to VAT at the standard rate.
The registered person shall issue an electronic tax invoice for every taxable supply made by him, containing information as required under section 49 of the Federal VAT Act.
This should not affect genuine businesses as a zero-rated supply is still a taxable supply so, although no VAT is charged, the seller can generally reclaim VAT on purchases that relate to those sales," said Hannah Dobson, director at consultancy Smith & Williamson.