Taxation of Gift Vouchers
This query is : Open
JINESH J SHAH
(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?
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?
CA Vijay Kumar Gupta
(Expert)
08 January 2011
gift vouchersare goods and liable for vat.
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.
CA Vijay Kumar Gupta
(Expert)
10 January 2011
Difference of Opinion
As per Famous TCS Case , it can be classified as goods.
As per Famous TCS Case , it can be classified as goods.
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