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?
kiran
(accounts manager)
(262 Points)
Replied 27 November 2020
jayendra Gaonkar
(Asst. Manager)
(216 Points)
Replied 27 November 2020
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.
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 27 November 2020
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
