Menu
IGST on Import (Free supply)
One of my supplier(agreement to free repairs of machinery) from abroad supplying spare parts for free of costs. When the goods reaches customs station, customs dept demanded to pay IGST. My supplier frol abroad paid the relevant payment to customs. They issued bill of entry with my GSTN. My question is can I take ITC of that IGST paid by my foreign supplier??
Replies (2)
Yes you can avail ITC for the same , but are U supplying those spare parts free to your customer ,.. if Yes then As per section 17(5) ITC has to be reversed
SCHEDULE I ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
2. Supply of goods or services or both between related persons or between distinct persons as specified in Section 25, when made in the course or furtherance of business: Provided that gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
2. Supply of goods or services or both between related persons or between distinct persons as specified in Section 25, when made in the course or furtherance of business: Provided that gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
Recent Topics :
- Query on scenario related to FAST DS 2026
- Audit Executive (Remote, India) - Ace Auditing Off
- GST Transaction On Used Clothing
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
Related Topics :
CAclubindia
