The time of supply of the gift vouchers / gift cards by the applicant to the customers shall be the date of issue of such vouchers and the applicable rate of tax is that applicable to that of the goods
Time of supply- Section 12 of CGST Act- In the instant case, Aggrieved by the order of decision of AAR, the Appellant has filed the present appeal. The grounds of appeal are as follows:
The voucher or PPI only have a redeemable face value and no intrinsic value capable of it being considered as marketable for the purpose of levy of GST.
it is our view that the gold voucher (representing the underlying future supply of gold jewellery) would be taxable at the time of issue of the voucher. It must be emphasised that this interpretation does not result in double taxation as transfer of gold subsequently will not be subject to tax at the time of redeeming the voucher for gold, as the supply is deemed to have been done at the time of issue of voucher itself (section 12(4)).
Held that- The Order of the Advance Ruling Authority is modified to the extent as follows:
The time of supply of the gift vouchers / gift cards by the applicant to the customers shall be the date of issue of such vouchers and the applicable rate of tax is that applicable to that of the goods.
The time of supply of the gift vouchers / gift cards by the applicant to the customers shall be the date of issue of such vouchers and the applicable rate of tax is that applicable to that of the goods
Time of supply- Section 12 of CGST Act- In the instant case, Aggrieved by the order of decision of AAR, the Appellant has filed the present appeal. The grounds of appeal are as follows:
The voucher or PPI only have a redeemable face value and no intrinsic value capable of it being considered as marketable for the purpose of levy of GST.
it is our view that the gold voucher (representing the underlying future supply of gold jewellery) would be taxable at the time of issue of the voucher. It must be emphasised that this interpretation does not result in double taxation as transfer of gold subsequently will not be subject to tax at the time of redeeming the voucher for gold, as the supply is deemed to have been done at the time of issue of voucher itself (section 12(4)).
Held that- The Order of the Advance Ruling Authority is modified to the extent as follows:
The time of supply of the gift vouchers / gift cards by the applicant to the customers shall be the date of issue of such vouchers and the applicable rate of tax is that applicable to that of the goods.