we are given gold coin to our 15 No. employees each worth Rs. 60000/-
as Gift. In F.Y.22-23
Can this is a treated a supply.
can we payable Gst, on which value
which rate.
can we avail Gst input on purchases
of Gold coin.
please Guide us
Yes, the said gifts shall be treated as supply as per Schedule 1 of GST Act and has to pay GST at applicable rate on Gold Coins on the market value also. You are eligible to avail input credit on inward supply.
Taking input is not criteria for liability. The said transaction will be treated as Supply. Hence you have to pay GST on it.
Sorry for above , when your outward supply is taxable , ITC on its inward supply is available. Thus ITC for the same will be available to you.
Sorry for above , when your outward supply is taxable , ITC on its inward supply is available. Thus ITC for the same will be available to you.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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