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Taxation of Gift Vouchers

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(Querist)
07 January 2011 Can VAT be levied on sale, by a retail store, of gift vouchers?

According to me gift vouchers are similar to advance & not goods, hence not liable to VAT.

Also, what other documentation should be kept, from VAT point of view?
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
08 January 2011 gift vouchersare goods and liable for vat.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
09 January 2011 VAT is applicable on sale of goods, Gift voucher is not a goods, VAT will not apply. However , when goods is issued against gift voucher VAT will apply.
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
10 January 2011 Difference of Opinion
As per Famous TCS Case , it can be classified as goods.
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