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ITC REVERSAL ON FREE SAMPLES
how to reverse ITC on supply of free sample
Replies (12)
Have you taken input tax credit on free sample ?.
No we haven't taken the credit
If you have. not taken the credit , then why reversal of ITC query ?.
I am a manufacturer and supply 100 bottles of oil out of which 2 bottles I supply as free sample now I want to reverse the ITC for free supply can I apply rule 42 of CGST act
Input tax credit is available to receipent or who purchase the Goods not to supplier and, you are supplier of Goods .
Yes I am a supplier but the raw material which I purchase for manufacturing the products which I supplied as sample shall I take itc or need to reverse
As per section 17(5) (h) of the CGST act 2017 , input tax credit. on free sample. is blocked credit or input tax credit not available ,so you need to reverse input tax credit .
Yes thank you if I have taken the credit attributes to raw material reversal will be done proportionately as per rule 42 or if I haven't taken the credit so far no need to reversal
If you not taken the input tax credit , then you have to show in table 4(D) (1) ineligible ITC of GSTR3B ( As per section.17(5) )
Thank you Prasad
Well come madam , aslo please just confirm with your C.A also .
Sure sir thank you
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