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itc on gifts to customers
We deal in 5% gst fabrics only & give gifts to customers of different nature like perfumes or travel bags which attracts gst of 12% to 28% will itc be available on these type of gifts to customers.
Replies (5)
yes...its your investment .according to 16/a u can...but it should be purchase from normal gst shop.and to your farm name and gstn number..
yes you can claim itc
No. ITC can't available for free goods.
thank u all for information but why is Mr. Raja P M has different opinion
| Originally posted by : Tarun Motiani | ||
 |
thank u all for information but why is Mr. Raja P M has different opinion |  |
Yes. Two options have for the Free/Sample items...
1. You don't take ITC for the purchase of Free goods.
Ex: If you purchase 10 nos of item - A its tax value Rs. 100. You ll be take ITC for the purchased goods. Now, You ll be give 1 item to free/sample. Then you can reverse tax value Rs. 10. So, You can't take ITC.
2. you ll be pay Tax for the Free/Sample items like
Ex: You give Item A to customer for Free then you can pay the particular item tax portion to Govt...
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