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Accounting treatment.

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3 Points Posted on 13 June 2020
the books of a distributor supplied at free of cost at the end of the year.

can input be claimed to that extent?
is so,what is the accounting treatment of such supply in books?
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On 13 June 2020 at 12:49 Report
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Practice
3235 Points Posted on 13 June 2020
No as per section 17(5) of CGST Act you cannot take ITC on supply made as free distributed, sample, gifts, destroy, stolen etc.
13 Reply
On 13 June 2020 at 14:21
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3 Points Posted on 13 June 2020
Thank you sir
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On 13 June 2020 at 14:24
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4215 Points Posted on 14 June 2020
It is blocked credits under section 17(5) of the GST Act
12 Reply
On 14 June 2020 at 09:17
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Student
23688 Points Posted on 15 June 2020
No @ Manasa Alleni. You cannot claim ITC.

As per the Provision of Section 17(5)(h) of the CGST Act 2017, ITC on Goods lost, Stolen, Destroyed, written off or given off as gift or free samples is specifically BLOCKED.

Hence you cannot claim ITC.
97 Reply
On 15 June 2020 at 12:34


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