Hi Everyone,
We are not in the jewelry industry, but we have given gold coins to our staff as wedding gifts. Can we claim the ITC for that gold purchase?
Hi Everyone,
We are not in the jewelry industry, but we have given gold coins to our staff as wedding gifts. Can we claim the ITC for that gold purchase?
As section 17(5)(h) of the CGST Act , Gift is under block credit, input tax credit not available.
Take more opinion on this.
No ITC can be claimed on goods supplied as gifts. On the contrary if the value of such gifts exceed Rs 50000/- then it will constitute supply under Schedule I .
No ITC is available.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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