Taxability and itc availablity under gst on sales promotion
This query is : Resolved
23 February 2018
Dear Professional Colleague
We purchased gold coins for sales/business promotion,whether ITC allowed on purchase of the same ? or blocked u/s 17(5) ???
Whether it shall be subjected to GST when given away or disposed of ???
please give your valuable advice.....
We purchased gold coins for sales/business promotion,whether ITC allowed on purchase of the same ? or blocked u/s 17(5) ???
Whether it shall be subjected to GST when given away or disposed of ???
please give your valuable advice.....
23 February 2018
Hi, In my view the Act is silent on ITC on Gold coin by usage of words infurtherence to business, but GST on lost, stolen , destroyed, goods and free samples, disposed by way of gift are not eligible for Input Tax Credit Sec 17(5)(h) of CGST Act. Here its an Act of Gift which is disposed by way of Gift , so not eligible for claiming ITC.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Eway bill generation from place other than registeted
- Condonation . E-Verification of last year return .
- Management System (IMS)
- EPF FULL & FINAL RULES IN 2026
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
