Itc on gifts to employees
This query is : Resolved
SHASHANK SARASWAT
(Querist)
28 November 2018
Hi guys,
Our company distributed gifts on the occassion of Diwali which costs in Total around Rs 51,000.(Doesn't include Food or Beverages).
Please tell us whether we are to claim ITC or not.
Secondly, If we already availed ITC and if answer for the above is no, then what should we have to do?
Next, whether ITC on insurance of Motor car is available or not(car is used in Export of Technology business).
Thanks
SHASHANK
Our company distributed gifts on the occassion of Diwali which costs in Total around Rs 51,000.(Doesn't include Food or Beverages).
Please tell us whether we are to claim ITC or not.
Secondly, If we already availed ITC and if answer for the above is no, then what should we have to do?
Next, whether ITC on insurance of Motor car is available or not(car is used in Export of Technology business).
Thanks
SHASHANK
28 November 2018
ITC on gifts are not allowable under section 17(5), even if availed it may be reversed in GSTR-3B.
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