Hi,
One of our client made some purchases from Lifestyle to be distributed as a Gift, But lifestlye store don't have provison to enter GSTIN of customer.
How to claim GST credit in that case??
GST credit on Business Promotion
Replies (10)
you can't claim ITC I think
You make pressure on LIFESTYLE to issue a tax invoice on your GSTIN. There is no provision to reject by lifestyle.
Once you get tax invoice on your GSTIN. Claim it in your return and get ITC.
THE GIFTS DISTRIBUTED SHOULD BE FOR THE SAKE OF BUSINESS PROMOTION.
THE GIFTS DISTRIBUTED SHOULD BE FOR THE SAKE OF BUSINESS PROMOTION.
distribution of gift is a blocked credit under section 17(5).
But a tax payer can show it under advertisement head and get ITC
Thanks a lot sir
You will not get the credit merely by changing the accounting head. The nature of the transaction will not change by merely booking an expense in other accounting head. Section 17(5) has nothing to do with the
accounting treatment.
Hi, you can get better information about Input tax credit here: GST Input Tax Credit
Retailers (Lifestyle ) whether online or offline have to register buyer as a B2B buyer with GSTIN in their system & not issue a usual B2C (Business to consumer) invoice. most of them dont change after initial actual sale/invoice issue as their retail invoicing systems are automated ..you will have tough time to make Lifestyle reissue a fresh GST invoice with your GSTIN no & more importantly they should report GST collected in the portal...if they do it will appear in your records..
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