If company donate assets to hospital, what will be the liability in gst?
That means, if company purchase asset, and after that donate to the hospital, can we avail ITC?
What will be the value for supply?
Menu
GST valuation and ITC in case of donation
Replies (5)
Quick Summary
No ITC cannot be claimed
ITC in respect of assets purchased for donation shall not be allowed.
As it's being donated hence the value will be Zero & in term of Section 17(5) you are liable to reverse the ITC claim on the same.
Yes ITC cannot be claimed
As per section 17(5) ITC cannot be claimed on assets donated to hospital
Recent Topics :
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
Related Topics :
CAclubindia
