Dear Sir/Madam
Gifts given to Staff above Rs. 50000 is eligible for input tax credit.
provide me reasoning also
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Ineligible input tax credit
Replies (11)
Please refer section 17(5) of CGST act...
You can get exact solution.
You can get exact solution.
no sir I'm getting confused after reading 17(5) so I'm asking you
Because same is treated as outward supply and you have pay tax on such transaction so Department is allowed ITC on any inputs which are used for making outward supply.
Thank you
Thank you
Staff Welfare related Input Tax can't be taken as ITC. It's blocked ITC also based on Gift to Employee...
As per the Provision of Section 17(5) clause (h) of the CGST Act 2017, goods distributed as GIFTS is BLOCKED.
no cannot be treated as such transfers are not covered under scope of GSt
gifts made to employees come under furtherance of business, hence eligible for ITC
NO... ITC NOT ELIGIBLE.
since gift made to employees come under furtherance of business like to sustain the business , sir
it can be claimed under ITC
it can be claimed under ITC
As per section 7 of CGST Act gift exceeding 50000 is treated as supply and liable to gst.
Itc on such gift is not available due to block u/s 17(5)
CGST Act Section 7 explain gift abovy ₹50000/ - treated as supply and liability to GSt.Then ITC of such not allowed under section 17(5) of the CGST Act.
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