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Gift vouchers and cards not liable to GST: All you need to know

  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. ards-not-liable-to-gst-all-you-need-to-know.html
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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Prepaid vouchers, such as gift cards and digital wallets, are recognised by the Reserve Bank of India (RBI) as prepaid instruments. These vouchers are treated as 'money' under the GST framework.
The article from CNBC TV18 discusses the Goods and Services Tax (GST) implications on gift vouchers and cards in India. According to the article, gift vouchers or cards are not liable to GST at the time of issuance. Instead, GST is applicable when these vouchers or cards are redeemed for goods or services. The tax is then levied on the value of the goods or services provided, not on the voucher itself. This means that the tax treatment depends on the nature of the goods or services for which the voucher is redeemed. For instance, if a voucher is used to purchase taxable goods, GST will be charged on the price of those goods. The article also clarifies that if a voucher has a specific purpose (like a meal voucher), GST is applied based on the service or product it is intended for. However, if the voucher is open-ended, the tax is determined at the point of redemption. This nuanced approach helps in avoiding double taxation and ensures that GST is only applied once at the point of final consumption.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/business/finance/gift-vouchers-cards-not-liable-to-gst-how-taxed-money-redemptions-19533309.htm ]


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