What are the different types of supply?
There are four different types of supply:
Supply of Goods: The selling of goods or transferring the rights of ownership is known as a supply of goods.
Supply of Services: Supply that does not involve goods is known as a supply of services.
Supplies Produced or Obtained on Behalf of Another Taxable Person: If a person supplies or receives goods on behalf of another taxable person, then the person supplying the goods will be considered to be the supplier.
Deemed Supplies: The following categories of goods are considered deemed supplies:
Goods that are a part of a person’s assets and that are used or given up for non-business purposes.
Goods that are used for making supplies that are not subject to VAT.
Goods that are owned on the date of deregistration even though the owning business has stopped all business activities.
Goods that are given for free. This does not include samples or gifts that are handed out to consumers for promotional purposes.
Services that a supplier offers for free.