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- 2 Marks
Question
Under what condition are goods applied for own consumption treated as supply of goods?
Answer
Goods are applied to own use when a taxable person parts with ownership of the goods. In such cases, it is deemed as a supply of goods and is made on the date on which the goods are first applied to own use. The taxable person must account for the goods alongside other supplies.
- Tags: Ghana Revenue Authority, Own Consumption, Supply of Goods, VAT, VAT Compliance
- Level: Level 2
- Topic: Value-Added Tax (VAT), Customs, and Excise Duties
- Series: NOV 2021
- Uploader: Theophilus