>>     >>   GST: Gifts by employer up to Rs 50,000 exempt, says Govt

GST: Gifts up to Rs 50,000 per year by employers exempted, says Finance Ministry

The Finance Ministry on Monday said that gifts given to employees by their employee worth up to Rs 50,000 per year are exempted from the GST (Goods and Services Tax) ambit.


By   |  Updated On : July 10, 2017 08:27 PM
GST: Gifts by employer up to Rs 50,000 exempt, says Govt

GST: Gifts by employer up to Rs 50,000 exempt, says Govt

New Delhi :  

The Finance Ministry on Monday said that gifts given to employees by their employee worth up to Rs 50,000 per year are exempted from the GST (Goods and Services Tax) ambit.

"It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000 per year by an employer to his employee are outside the ambit of GST, " the ministry said.

However, gifts of value more than Rs 50,000, "made without consideration are subject to GST, when made in course or furtherance of business", it added.

ALSO READ | Kapil Sibal calls GST ‘tedious’, terms new tax reform as ‘goodbye to simple tax’

First Published: Monday, July 10, 2017 08:07 PM


Download the News Nation Mobile App and stay connected with top stories from India and around the world. Available on Android and IOS.


NEXT STORY