taxable supply

A taxable supply refers to goods or services that a business provides and is subject to sales tax or VAT. Essentially, it’s any product or service that a business charges customers for, where the law requires collecting tax on the transaction. Not all supplies are taxable; some might be exempt or outside the scope of tax. The concept helps governments collect revenue and ensures businesses properly account for and remit the appropriate taxes. Understanding what counts as a taxable supply is important for proper tax administration and compliance.