DIWALI GIFTS
Page no : 2
saurabh jain
(manager)
(174 Points)
Replied 31 October 2017
raj kamal singh
(Auditor)
(528 Points)
Replied 01 November 2017
@ Mr. jain your presemptions are wrong.Condition for claiming credit is "futhurence of business".Business ,as per section 2(17)(b) of CGST is any activity/transaction in connection with or incidental/ancillary to trade.commerce.Whether Diwali gift entitles for furthurence of business.Absolutely "NO".Show diwali expenses under business promotion expenses n avail credit
saurabh jain
(manager)
(174 Points)
Replied 01 November 2017
saurabh jain
(manager)
(174 Points)
Replied 01 November 2017
saurabh jain
(manager)
(174 Points)
Replied 02 November 2017
I have replied for sweets alone sir as mentioned in my early reply.
Section 17(5) (b) (i) specifically restricts the input tax credit with respect to food and beverages which means it is a blocked credit. Hence any sweets or beverages bought for workers/employees shall not be eligible for claiming input tax credit.
Your interpretation relating to other diwali gifts is right which means for that INPUT shall be taken.
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