Logesh (Accounts Excutive) (22 Points)
06 March 2024Hi Everyone,
We are not in the jewelry industry, but we have given gold coins to our staff as wedding gifts. Can we claim the ITC for that gold purchase?
prasad Nilugal
( GST Practitioner & Accounts )
(14811 Points)
Replied 06 March 2024
As section 17(5)(h) of the CGST Act , Gift is under block credit, input tax credit not available.
Take more opinion on this.
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13726 Points)
Replied 07 March 2024
No ITC can be claimed on goods supplied as gifts. On the contrary if the value of such gifts exceed Rs 50000/- then it will constitute supply under Schedule I .
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(604 Points)
Replied 08 March 2024
No ITC is available.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
