Free of cost product treatment in GST
This query is : Resolved
16 June 2018
Respected all,
If we want to give the product at free of cost but we are billing the same at 1 RS then whether we have to reverse the credit taken on such product??
16 June 2018
what is the solution of the same while preparing invoice??
16 June 2018
Show the Detail like Free or Sample in Your invoice...
16 June 2018
if I will show it as free sample then it will be deducted from qty and no charges should b collected for same?? no GST to b charged??
16 June 2018
it will be deducted from qty - YES...
and
no charges should b collected for same?? - YES...
no GST to b charged?? - YES... If You will charge GST for the supply then it's not FREE OF COST SUPPLY.
and
no charges should b collected for same?? - YES...
no GST to b charged?? - YES... If You will charge GST for the supply then it's not FREE OF COST SUPPLY.
Message likes :
1 times
18 June 2018
Free samples are part of business assets and in case you have availed ITC on such samples it is very much a supply as per Schedule I of the CGST Act and liable to GST even if without consideration..
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