Goods and Services Tax – Started By: – mohan sehgal – Dated:- 20-12-2018 Last Replied Date:- 21-12-2018 – We have floated a Quarterly scheme to our dealers ……. On an aggregate purchase of our goods amounting to ₹ 6 lakhs per quarter;we will conduct a lucky draw amongst our dealers ;who are eligible(bought goods worth ₹ 6 Lakhs) and award a Two Wheeler as a Prize to the lucky winner among the eligible dealers.Would we able to book ITC on The GST paid on the TWO WHEELER Price..given as a gift to the dealer who has bought the fixed amount of goods within the stipulated period of time.Please note that this gift is directly related to the invoiced amount of goods. – Reply By KASTURI SETHI – The Reply = Dear Querist, Answer is ,
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The Reply = The gift is being given against an agreement on record… As far as I understand if an obligation attached to an agreement of sale is attached…the commodity loses its identity as a GIFT and no denial of ITC can arise under section 17(5) in such cases. The dealer is entitled to the commodity described as a GIFT,only when achieves the sale target within the stipulated period.. Sir,Please elaborate.THANKS – Reply By KASTURI SETHI – The Reply = If it is so, it has to be examined afresh in view of your views. – Reply By DR.MARIAPPAN GOVINDARAJAN – The Reply = No. You yourself admitted it is a gift. It is not an obligation of future contingencies. – Reply By KASTURI SETHI – The Reply = Dear Querist, Change your strategy to get legal
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