we are given gold coin to our 15 No. employees each worth Rs. 60000/-
as Gift. In F.Y.22-23
Can this is a treated a supply.
can we payable Gst, on which value
which rate.
can we avail Gst input on purchases
of Gold coin.
please Guide us
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Gst on emplyoee gift by emploer value exceeding 50000/- in F. Y
Replies (6)
Quick Summary
Yes, the said gifts shall be treated as supply as per Schedule 1 of GST Act and has to pay GST at applicable rate on Gold Coins on the market value also. You are eligible to avail input credit on inward supply.
If we don't take gold coin purchases input credit.
Then can we treated as supply & pay GST.
please Guide us
Then can we treated as supply & pay GST.
please Guide us
Taking input is not criteria for liability. The said transaction will be treated as Supply. Hence you have to pay GST on it.
Dear Raj Kumar
As per Schedule 1 it's taxable supply & As per Section 17(5) ITC is not available.
Even though its value exceeds 50k & cover under the taxable supply but its nature of supply is Gift & section 17(5) block credit by way of giving gift.
As per Schedule 1 it's taxable supply & As per Section 17(5) ITC is not available.
Even though its value exceeds 50k & cover under the taxable supply but its nature of supply is Gift & section 17(5) block credit by way of giving gift.
Sorry for above , when your outward supply is taxable , ITC on its inward supply is available. Thus ITC for the same will be available to you.
Sorry for above , when your outward supply is taxable , ITC on its inward supply is available. Thus ITC for the same will be available to you.
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