GIFT UNDER SALE SCHEME
Query (Issue) Started By: – mohan sehgal Dated:- 20-12-2018 Last Reply Date:- 21-12-2018 Goods and Services Tax – GST
Got 8 Replies
GST
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.
\nWould 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<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 39; and how it is applicable under GST Acts. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GIFT UNDER SALE SCHEME Query (Issue) Started By: – mohan sehgal Dated:- 20-12-2018 Last Reply Date:- 21-12-2018 Goods and Services Tax – GSTGot 8 RepliesGSTWe 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 … Continue reading “GIFT UNDER SALE SCHEME”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-15607","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15607"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15607\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nReply By mohan sehgal:
\nThe Reply:
\nThe gift is being given against an agreement on record…
\nAs 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.
\nThe dealer is entitled to the commodity described as a GIFT,only when achieves the sale target within the stipulated period..
\nSir,Please elaborate.THANKS
\nReply By KASTURI SETHI:
\nThe Reply:
\nIf it is so, it has to be examined afresh in view of your views.
\nReply By DR.MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nNo. You yourself admitted it is a gift. It is not an obligation of future contingencies.
\nRepl<\/p>\n
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