Itc of gift item


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
21 October 2017 Dear Sir,
I have following queries regarding civil contractor -

1. Suppose a civil contractor purchased pressure cookers to distribute them among his labour as a gift. Whether contractor can claim itc of gst paid on purchase bill pressure cookers?
2. From which date gst rate from 18% to 12% would be deemed effective on civil construction ?

21 October 2017 Suppose a civil contractor purchased pressure cookers to distribute them among his labour as a gift. Whether contractor can claim itc of gst paid on purchase bill pressure cookers?

Ans- Assuming labours are his employee, the amount of gift would be less than 50000/- per annum , it should not be a treated as supply and credit can be availed.

From which date gst rate from 18% to 12% would be deemed effective on civil construction ?

Ans- Notification No. 24/2017-Central Tax (Rate) is dated on 21st Sept 2017. Hence the rate would be applicable from said date.


21 October 2017 Incase you show a product for the sake of sales promotion advertisement expenditure then only you can take the ITC credit




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries