Dear frds/ experts,
If a company issues a silver gift worth abt Rs.10,000/- to their staff, Do they eligible to claim that gift's ITC??
5 Replies
Shivam RC
(Student)
(23683 Points)
Replied 22 October 2020
As per the Provision of Section 17(5) clause (h) of the CGST Act 2017, Input Tax Credit ( ITC ) is specifically BLOCKED on Goods distributed as "Gifts" or Free Samples.
So the Company is not eligible to claim the ITC on GST component of Rs. 10,000 Silver Gift given to their staffs.
So the Company is not eligible to claim the ITC on GST component of Rs. 10,000 Silver Gift given to their staffs.
Maya
(Student)
(663 Points)
Replied 23 October 2020
Ok thank you....In case, if the company purchases a silver show piece article for their office??
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 23 October 2020
the company is not eligible to claim that gift's ITC
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