Exempt supply

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354 Points Posted on 11 August 2020
Can we claim ITC on exempt goods or service?
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On 11 August 2020 at 20:07 Report
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Quick Summary
In the UK, you generally cannot claim Input Tax Credit (ITC) on exempt goods or services. If your business supplies both exempt and taxable items, you'll need to reverse a proportionate amount of ITC as per the relevant rules. This also applies to items like free samples, lost goods, or those used for personal consumption.

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Tax and Business Consultant
11616 Points Posted on 11 August 2020
Person can not claim ITC against exempt Goods and services.
If you are supplying both Exempt as well as taxable Goods/services, than Proposnate ITC to be reversed as calculated as per rule.
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On 11 August 2020 at 20:56
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Finance/Compliance Consultant
69525 Points Posted on 11 August 2020
You even can not claim ITC on free sample given, Goods lost, Goods used for personal use etc
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On 11 August 2020 at 21:17

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