ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Some c 17(5) (h)

Rahul Khanna (51 Points)

23 November 2021  
if employer gives gift to its employee more than 50000 then we can claim itc
but why becuase there is no consideration gift is free to its employees (no cost charge)

 7 Replies

CA Altamush Zafar (GST Consultant) (10977 Points)
Replied 24 November 2021

Because it will be treated as supply even without consideration by virtue of Schedule-I

CA Akshay Hiregange (Partner - Audit & Assistance)   (2763 Points)
Replied 24 November 2021

There is a possibility to dispute the credit eligibility even if tax is paid under Sch 1 clause 2. 

Rahul Khanna (51 Points)
Replied 24 November 2021

Yeah beacuse govt has not received any output tax on such supply then how govt. enable that person to take itc

CA Altamush Zafar (GST Consultant) (10977 Points)
Replied 24 November 2021

Output tax will have to be paid regardless of receiving anything from employees.

Rahul Khanna (51 Points)
Replied 24 November 2021

But on such supply who will pay output tax ?
becuase its free
and employer also claiming the itc

CA Altamush Zafar (GST Consultant) (10977 Points)
Replied 24 November 2021

Employer will pay gst to government showing it as supply in his returns.

Claim of itc is debatable

Rahul Khanna (51 Points)
Replied 24 November 2021

Ok sir thankyou so much for giving your precious time.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading



Subscribe to the latest topics :
Search Forum:

Trending Tags