Goods given by taxable person to his friend for to use in marriage function of his friends marriage worth 285000, gst rate is 12%?
Is this supply is taxable. If yes, under what section?
Menu
SUPPLY.....
Replies (5)
Which goods? invoice issued for that?
Yes taxable
Sir, can u explain with provision?
Hello, According to the clause (h) of sub-section (5) of section 17 of the CGST Act, ITC Is not available on gift. Therefore, in my opinion you may have to reverse such proportionate ITC.
Further as per schedule 1 of CGST ACT, if the value of gift is less then 50 thousand, it is not considered as supply. ref.
Treat goods given to friends as drawings and reverse proportionate ITC
Recent Threads
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
- Seeking Clarity: New Transport Allowance Limits (D
- Query regarding Consolidated Gift Deed for Bank Tr
- TDS u/s194IB - Joint Ownership
- Free GST Reconciliation Tool in Google Sheets R
- NRI return after due date refund case
- TDS u/s 194J - training honorarium
Related Threads
CAclubindia
