11 November 2020
Dear Experts, we are giving blanket to employees as Diwali gift and value of blanket is around 1.5 Lacs. What is treatment of ITC in this case?
Should we reversed the ITC or make self invoice (in which name).
13 November 2020
You will have to reverse ITC as this is schedule I transaction between related persons and gift to employee exceeding 50k would be considered supply.
CAclubindia
