ISSUE:
Whether input tax credit can be claimed by the applicant on procurement of gold coins, which are to be distributed to the customers at the end of the scheme period for achieving stipulated lifting or payment criteria?
Whether input tax credit can be claimed by parties that notify other schemes with similar conditions?
RULE:
Input tax credit is not available for gifts or rewards without consideration even though they were given for sales promotion as they do not qualify as inputs for the purpose of credit since no GST is paid on its disposal.