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
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