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The Authority for Advance Ruling, Tamil Nadu, confirmed that non-monetary benefits like gifts, compliments, and foreign or domestic tour packages received by a dealer from its principal manufacturer include supply of service under section 7 of the Central Goods and Services Tax Act, 2017 (CGST Act), and are thus accountable to Goods and Services Tax […]
The Central Board of Indirect Taxes and Customs (CBIC) has stated in a recent announcement via circular number 243/37/2024 that gift vouchers and cards will not be charged Goods and Services Tax (GST). It was mentioned by the Central Board of Indirect Taxes and Customs (CBIC) that the way the Goods and Services Tax (GST) […]
The government is now considering exempting vouchers or gift cards from the collection of goods and services tax (GST), with the aim of addressing the issue of double taxation in some situations. Many retailers provide customers with vouchers or gift cards that may be exchanged for their products. As per the sources acquainted with the […]
Businesses nowadays are implementing fresh and creative promotional strategies to draw in clients. Making room for a new firm or even surviving in the market has become difficult due to growing competition. But under the indirect tax regime, tax implications have been a contentious issue and are crucial for the implementation of such schemes. The […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
Income tax laws near the world acknowledge the incidence of marriage and divorce, and Indian tax laws are not the only ones. This impact affects the tax liabilities. Mentioned below is the discussion about how the Indian tax laws impact your tax liability. Tax Treatment of Gifts Accepted During the Wedding Let us begin with […]
The Karnataka Authority of the Advanced Ruling passed a decree that vouchers shall also carry a levy of 18% GST. The reason being, they are subject to section 12(5) of the CGST Act 2017. Here, in this case, the applicant Messrs Premier Sales Promotion Private Limited is indulged in the trade of providing marketing services. […]
The Income Tax Appellate Tribunal has ruled that the affidavits received by tax authorities from Family Member are sufficient to prove that the Cash Gift is genuine. Here in this case, the assessee, Dheeraj Thakran is an individual and his sources of income are from: Rent Profession And other sources. And he has already filed […]
When it comes to whether Gift Vouchers are taxable or not, there have always been doubts. Clearing the air about whether gift vouchers are taxable or not, the Tamil Nadu Bench of the Appellate Authority for Advance Ruling (AAAR) held that ‘Gift vouchers’ are taxable and shall come within the domain of Goods and Services […]
