Menu
GST on Gift
How do we treat GST on Gift above RS.50,000/-
Replies (4)
it will be treated as sale of 0 value but for taxation value is to be determined as per market price of the gift and you have to pay gst difference i.e gst output minus input gst
As per schedule 1 gift from employer to his employee is exempted upto 50000/-
&
As per section 17(5), dispose of or supply of goods by the way gift , u have reverse Ur ITC
&
As per section 17(5), dispose of or supply of goods by the way gift , u have reverse Ur ITC
*have to reverse ITC
If itc is availed at the time of purchase of the gifted item then the same needs to be reversed at the time of gift..
however gift value upto ₹50,000 by an employer to employee is specifically excluded
however gift value upto ₹50,000 by an employer to employee is specifically excluded
Recent Topics :
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
- Which Aviation Services Can Air Ticketing Professi
- Section 87A
- GST on Transport
- Which software to buy
- Property Selling and buying
- Office Management System
Related Topics :
CAclubindia
