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?
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Is ITC accessible on gold coins presented to employees as gifts on Marriage?
Replies (4)
As section 17(5)(h) of the CGST Act , Gift is under block credit, input tax credit not available.
Take more opinion on this.
Yes I agreed.
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.
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