Giving gift to customers from sale item
This query is : Resolved
Quick Summary
Abdul Basith
(Querist)
21 February 2021
I purchased some items for selling. and I claimed GST against the purchase. Now I want to give one item to my regular customer as Gift.
1. Do I have to raise sale Invoice? If Yes, What do I have to Debit ? becoz I dont receive Money for it.
2. If No, How to release this item from my inventory?
3. Do I have to reverse the GST?
1. Do I have to raise sale Invoice? If Yes, What do I have to Debit ? becoz I dont receive Money for it.
2. If No, How to release this item from my inventory?
3. Do I have to reverse the GST?
CA R SEETHARAMAN
(Expert)
21 February 2021
Release it as gift no tax invoice required reverse ITC claimed on it.
Message likes :
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CA Rashmi Gandhi
(Expert)
22 February 2021
1. No
2. Nothing to do. Deduct the value from purchase
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CA Rashmi Gandhi
(Expert)
22 February 2021
3. Reverse the GST as per Sec 17(5)
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1 times
Abdul Basith
(Querist)
25 February 2021
Do we receive any acknowledgement from customers ?
CA R SEETHARAMAN
(Expert)
26 February 2021
No need for any acknowledgement.
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1 times
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