a seller is into the business of selling Type A product. to promote the sale of Type A product he is offering Type B product for free. seller makes a single bill in which both the products are mentioned in which type B is shown as zero. will seller need to reverse ITC on Type B?
2 Replies
RAJA P M
("Do the Right Thing...!!!")
(128106 Points)
Replied 22 March 2024
Yes, The ITC will be reversible.
Amit Kumar
(Tax Professional )
(112 Points)
Replied 23 March 2024
ITC in respect of free sample is required to be reversed in terms of Section 17(5)(h) of the CGST Act, 2017.
Recent Topics
- Crypto Payments & FEMA Compliance - Need Exper
- Richest Chartered Accountant in India alive
- GST LIABILITY FOR DENTAL PRACTICE
- Concessional GST rate
- Status suddenly changed to Processed with Demand d
- Tax on STCG and LTCG
- Can father lets out his commercial property to son
- Report Swiggy and Zomato Sale
- GST-R1 2021-22
- Place of Supply under GST when recipient is regist
Related Threads
Trending Online Classes
CAclubindia
