Claiming ITC on Free Goods: GST Rules Explained

Claiming itc??

Nini Manjrekar

20 Points Posted on 02 July 2020

Goods received of free of cost

in Bills there are gst

taxable value is there
Igst is there
total invoice value is not there

can we claim Itc ??

Replies (2)

Quick Summary

This discussion clarifies whether Input Tax Credit (ITC) can be claimed on goods received free of charge, even if GST is listed on the invoice. The consensus is that ITC cannot be claimed in such cases because a key condition for claiming ITC is the payment of consideration, which is absent when goods are received at no cost.

yash

accountant

20 Points Posted on 02 July 2020

No, ITC can not be claimed As it is not fulfill one of the condition of taking ITC i.e paid the consideration, as goods are received free of cost.

Nini Manjrekar

20 Points Posted on 02 July 2020

Thanks yash for your reply 👍😄

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Claiming itc??

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yash

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