GOOD AND SERVICES ON WHICH ZERO-RATE…
ZERO-RATED & EXEMPTED TAX SUPPLIES
Good and Services on which zero-rate (0%) tax rate is levied are Zero-Rated supplies. For zero-rated supplies, input tax can be recovered. Examples:
Goods and Services on which VAT is not levied are Exempted supplies. Also, if all your supplies are in the category of exempted supplies, you are not required to register for VAT. And even you cannot claim for Input tax as well.
- Financial Services like life insurance
- Residential Buildings
- Bare Land
- Local Passenger Transport
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