Gst on gift voucher

Question:-

Business A , new paper Company, purchase gift voucher worth Rs, 100,000 from Company B who deals with saris and garments of which gst on saris 5% and readymade garments 12% over worth Rs 1000/-

Now

1) what % age of GST will be charged by Company B  on transaction of Rs. 100000, and what will be the HSN/ sac code?

 Company A distributes the gift vouches of Rs 5000 denomination to its clients and employees who will eligible to redeem the gift voucher with company  B within specified period.

2) Now Company B what should do?

        a) what %age of GST will be charged or not  or

        b) Gifted amount will be adjusted from TAXABLE VALUE or Invoice value?

       c) What should be the accounting entries for COMPANY B

Replies (1)
FOR INFORMATION PURPOSE ONLY :

As per Notification No. 31/2020 - Central Tax, dated 03.04.2020 read with Notification No. 32/2020 - Central Tax, dated 03.04.2020, Due Date for filing FORM GSTR -3B for the month of February, March and April 2020 for the Taxpayers having Aggregate Turnover more than Rs. 5 crore in the preceding FY have been extended in the following manner :

FEBRUARY : 24.06.2020.
MARCH : 24.06.2020.
APRIL : 24.06.2020.

And as per Notification No. 36/2020 - Central Tax, dated 03.04.2020, due date for filing FORM GSTR -3B for the month of MAY 2020 have been extended to "27th June 2020".

TAXPAYERS HAVING AGGREGATE TURNOVER upto Rs. 1.5 crore in the preceding FY ( Notification No. 31/2020 - CT, Notification No. 32/2020 - CT and Notification No. 36/2020 - CT all dated 03.04.2020 )

FEBRUARY : 30.06.2020
MARCH : 03.07.2020
APRIL : 06.07.2020
MAY : 12.07.2020 & 14.07.2020. ( For specified catagory of States, different due date prescribed ).

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