Taxability and itc availablity under gst on sales promotion
This query is : Resolved
pawan bansal
(Querist)
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.....
CMA Bhavya
(Expert)
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
