Menu
Gst itc
whether a mobile given by a manufacturer ( nt a manufacturer of mobile co.) to a retailer under the target scheme will b covered under sch 1 even if itc has been availed on such mobile phone (permanent transfer of business asset where itc on such asset has been claimed)?
Replies (2)
As per GST law Supply defination is very wide and Mobile phone is given to retailer against targate achieve then it is a permanant transfer of fixed assets without consideration.
As per Sch. I , the activities specified in Sch I ,made or agreed to be made without a consideration includes supply.
finally it is a supply and we will charge SGST/CGST or IGST on such sale which ever is applicable .
Above reply basis on that Phone is Fixed assets of supplier .
But on the other hand if he is manufacturer of mobile phone then in this situation he gave mobile phone as an gift , free of cost and free sample and such transfer is covered also in supply defination and valuation as per rule .
Recent Threads
- TDS - requirement of TDS by individual under presu
- Built a tool to automate Bank Statement to Tally e
- Normal Register in GST in delhi in gujarat no rece
- ITC availment relationship
- Challan confusion in ITR B block return
- U/s 23 (2)(a) and 23 (2)(b)
- Building a Strong Financial Foundation: Key Accoun
- Long Term Capital Gains for shares
- Hiring Company Secretary Manager with 2 Years of P
- Updated Return _ Deduction
Related Threads
CAclubindia
