Credit on Gst
Gst credit on festival celebration expenses, if we are distributing dry fruits to the employees.
Replies (2)
Purchase
1. Purchase of Taxable goods ( Gift item) from Registered Person
_ No ITC ( Sec.17(5) )
2. Purchase of Taxable goods (Gift item) from Unregistered Person
_ pay GST under RCM under Sec.9 (4)
_ No ITC
3Purchase of Exempt goods (Gift item) from Registered or Unregistered Person
_ No quedtion of ITC
Gift by Employer to Employees
_ Gift by employer to Employee upto Rs 50,000 shall not treated as Supply hence no GST is payable by employer.
( Refer Schedule I of CGST Act,2017)
1. Purchase of Taxable goods ( Gift item) from Registered Person
_ No ITC ( Sec.17(5) )
2. Purchase of Taxable goods (Gift item) from Unregistered Person
_ pay GST under RCM under Sec.9 (4)
_ No ITC
3Purchase of Exempt goods (Gift item) from Registered or Unregistered Person
_ No quedtion of ITC
Gift by Employer to Employees
_ Gift by employer to Employee upto Rs 50,000 shall not treated as Supply hence no GST is payable by employer.
( Refer Schedule I of CGST Act,2017)
DRY FRUIT PURCHASED FOR DISTRUBUTION TO OFFICER AND THE GST AMOUNT IS 30K.CAN WE CLAIM ITC?
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
