GST on free goods, gifts or supplies made to employees by employers?
watch_later 1 year, 2 months ago
Whether GST is to be charged on free gifts given by a company to its employees? Whether all supplies made by an employee by a employer are taxable or there is any exemption?
Hint: Concept of Prequisites under income tax act is applied here. - Pulkit Sharma
Even i would like to quote Fringe benefit tax of income tax. Whether its made applicable here. Tax revenue will jump high if so. - Rahul Rai
For instance, schedule III which declares certain supplies to be not considered as supply of goods or services and so there will no tax on this supplies.
Services by an employee to the employer in the course of or in relation to his employment. So there will be no tax on services provided by an employee to employer. But you have asked whether supplies by employers are taxable or not.
You should refer schedule I for this, which specifies supplies which should be considered as supply of goods or services even if they are provided for free of cost.
2. Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business:
Provided that gifts not exceeding fifty thousand rupees in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
This is taken from schedule I, so gifts provided by employers to employees upto 50,000 Rs. is exempt.
It says gifts whether free rent accomodation is included in this? Also free car rental, interest free loans etc. included in this? - Rahul Rai
You need to be logged in to answer.
- refund of itc on pre-export sales
- GST on penalty
- GSTIN by Name
- conversion from composition to general
- Plywood ka g s t kaise nikalte hai
- SEARCH GST NO. WITH PAN
- Gst practitioner exam
- We are getting responses for just 2 requests in 15 minutes
- Agriculture bore repair
- GST Eway bill Compile error in Hidden module sheet 3 and date format error solved
- API for getting GSTIN Details, Validate GST number
- GSP and ASP model of GSTN is injustice with startups and small businesses
- GST helpline customer care and contact number
- E-way bill in case of Bill to Ship to transactions
- Basic E-way rules and FAQ
- What is GST?
- GST Suvidha Kendra
- Documents required for GST registration
- Frauds possible under GST?
BUY DSC FOR MCA, IT AND GST
Experience KnowyourGST services. Apply for DSC and get it on same day. We promise fastest delivery of your DSC.
Whatsapp - 73386 33003
Telegram - @knowyourgst
Contact us on Whatsapp and Telegram number 7338633003 for quick reply.