Dear frds/ experts,
If a company issues a silver gift worth abt Rs.10,000/- to their staff, Do they eligible to claim that gift's ITC??
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ITC claim -reg
Replies (5)
Quick Summary
Not eligible
As per the Provision of Section 17(5) clause (h) of the CGST Act 2017, Input Tax Credit ( ITC ) is specifically BLOCKED on Goods distributed as "Gifts" or Free Samples.
So the Company is not eligible to claim the ITC on GST component of Rs. 10,000 Silver Gift given to their staffs.
So the Company is not eligible to claim the ITC on GST component of Rs. 10,000 Silver Gift given to their staffs.
Ok thank you....In case, if the company purchases a silver show piece article for their office??
the company is not eligible to claim that gift's ITC
Thank you all
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