Are expenses on “Gifts bought for clients/ customers on Diwali” – termed as “Diwali Expenses” eligible for ITC for business firm?
Answer: Pl see section 17(5)(h) of CGST Act
Section 17(5)(h) of CGST Act 2017…. , input tax credit shall not be available in respect of the following, namely:—
….
h) goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples; and
Related Topic on GST
| Topic | Click Link |
| GST Acts | Central GST Act and States GST Acts |
| GST Rules | GST Rules |
| GST Forms | GST Forms |
| GST Rates | GST Rates |
| GST Notifications | GST Act Notifications |
| GST Circulars | GST Circulars |
| GST Judgments | GST Judgments |
| GST Press Release | GST Press Release |
| GST Books | Best Books on GST in India |
| GST Commentary | Topic wise Commentary on GST Act of India |
| GST You Tube Channel | TaxHeal You Tube Channel |
| GST Online Course | Join GST online Course |
| GST History | GST History and Background Material |