Itc on gifts
This query is : Resolved
21 February 2020
we are planning to launch a scheme based on sales volume where dealer gets gift based on their sales volume, we are able to take ITC on the gift purchased for particular scheme?
22 February 2020
ITC is blocked on Gifts under Section 17(5) . Hence you cannot Claim input on Gifts distributed
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Not the consideration charged will be taxable and GST will be recovered from dealers
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Not the consideration charged will be taxable and GST will be recovered from dealers
22 February 2020
ITC is blocked on Gifts under Section 17(5) . Hence you cannot Claim input on Gifts distributed
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Note: the consideration charged will be taxable and GST will be recovered from dealers
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Note: the consideration charged will be taxable and GST will be recovered from dealers
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