WHAT IS THE AMOUNT OF INPUT TAX CREDIT THAT CAN BE CLAIMED BY ME IF TAXABLE SALES ARE NEGLIGIBLE?
Where the value of sales of exempt goods is 95% or more of the total value for that tax period, you cannot claim credit for any input tax paid on purchases. You are not required to file any declaration every month but you should make annual adjustment by filing Form VAT 200 B in the month of March by following the calculation mentioned in answer to Question No.2.
