I have purchased sweets ans dairies for my clients to promote my business and to build relationships with my clients. since it is for business i want to claim it as expenditure.
Can you pls clarify any problem from GST dept will come?
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Hello, As per section 17(5), Input tax credit not available if goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and needs to be reversed if availed wrongly.
The reason is simple, govt allows to take ITC, when you are buying the goods for sale or use for further manufacturing and govt will get GST on margin added in addition to your purchase cost, but in the above case goods use for distributing as gifts and can't be sold or use for manufacturing. Hence by this u can't take ITC on goods given as gift.
The input tax credit reversed shall be transferred to expenses.
Hope you got clarity..