Are you a general taxpayer wondering how to claim input tax credits? Here’s a quick guide! First, keep all your valid invoices handy. These are crucial as they prove the taxes paid on purchases. Next, ensure that the goods or services purchased are used for taxable business activities. Input tax can only be deducted if it’s related to your business operations.

Track your deductible inputs carefully. Common examples include raw materials, utilities, and office supplies. Remember, entertainment and personal expenses cannot be claimed. Once you’ve gathered all necessary documents, report them in your VAT return.

Don’t forget to stay updated with any changes in tax laws, as regulations may affect what qualifies for deduction. Proper record-keeping is key to avoiding errors during audits. By following these steps, you can maximize your input tax deductions and optimize your business finances 💸✨.