Query on credit to be taken
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2017
Dear Sir/Madam,
We have purchased Cadbury assorted Chocolate boxes as Diwali gifts for staff and customers wherein GST @ 28% has been charged by the supplier. The invoice from the supplier is on the Company's name, so can the amount of GST be taken as credit towards the liability of the GST which is to be paid?
Regards..
We have purchased Cadbury assorted Chocolate boxes as Diwali gifts for staff and customers wherein GST @ 28% has been charged by the supplier. The invoice from the supplier is on the Company's name, so can the amount of GST be taken as credit towards the liability of the GST which is to be paid?
Regards..
Dr. ShamsheerKhan
(Expert)
14 October 2017
Yes...... You can take....
31 October 2026
No, ITC on chocolates bought for Diwali gifts to staff and customers is blocked under Sec 17(5)(h) (goods disposed of as gifts), even if the invoice is in the company's name; claim it only if it was later sold or used in business, and gifts to an employee up to Rs 50,000 a year are not a supply anyway.
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