Gift to Employees
This query is : Resolved
11 November 2020
Dear Experts, we are giving blanket to employees as Diwali gift and value
of blanket is around 1.5 Lacs. What is treatment of ITC in this case?
Should we reversed the ITC or make self invoice (in which name).
Kindly guide what to do in the above case.
Regards,
Rakesh Sharma
of blanket is around 1.5 Lacs. What is treatment of ITC in this case?
Should we reversed the ITC or make self invoice (in which name).
Kindly guide what to do in the above case.
Regards,
Rakesh Sharma
11 November 2020
ITC NOT AVAILABLE FOR PERSONAL NATURE EXPENDITURE.
BOOK WITH GST AS EXPENSE.
BOOK WITH GST AS EXPENSE.
13 November 2020
You will have to reverse ITC as this is schedule I transaction between related persons and gift to employee exceeding 50k would be considered supply.
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