Is input on Diwali sweets
allowed
4 Replies
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 20 November 2020
No
you can not claim ITC on Diwali sweets blocked by section 17(5)
you can not claim ITC on Diwali sweets blocked by section 17(5)
Shivam RC
(Student)
(23683 Points)
Replied 20 November 2020
Input Tax Credit ( ITC ) on Goods distributed as Free Samples, Gifts, destroyed or written off is specifically BLOCKED U/s 17(5) clause (h) of the CGST Act 2017.
Hence ITC on Diwali Sweets distributed to your employees, clients, relatives etc is not allowed. You have to reverse that ITC.
Hence ITC on Diwali Sweets distributed to your employees, clients, relatives etc is not allowed. You have to reverse that ITC.
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