Itc on gifts
This query is : Resolved
21 February 2020
we are planning to launch a scheme based on sales volume where dealer gets gift based on their sales volume, we are able to take ITC on the gift purchased for particular scheme?
22 February 2020
ITC is blocked on Gifts under Section 17(5) . Hence you cannot Claim input on Gifts distributed
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Not the consideration charged will be taxable and GST will be recovered from dealers
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Not the consideration charged will be taxable and GST will be recovered from dealers
22 February 2020
ITC is blocked on Gifts under Section 17(5) . Hence you cannot Claim input on Gifts distributed
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Note: the consideration charged will be taxable and GST will be recovered from dealers
Meaning of Gift A 'gift' is a Something which is given without any Consideration .
But if you distribute the commodities on discounted prices i.e. receive any consideration than you can avail ITC on Gifts
Note: the consideration charged will be taxable and GST will be recovered from dealers
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- PAYMENT NOT SEND IN 180 DAYS
- Long term Capital gains received on sale of Residential Plot of land 10 years after buying it
- RCM INVOICING FROM NOV-2024
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
