Income tax on sale of MEIS Scrips

[Ankur Mittal]

Hi, we have been issued some MEIS scrips last FY, but planning to sale it this year. So, should we pay income tax on sale of these scrips this year or has to be added in last years income?

[MUKUND THAKKAR]

According to me yes, it is part of Sales./ other Income and need to pay GST in retaliation of taking any services for getting MEIS.

[AshaKanta Sharma]

GST needs to be paid on sale of the same.

AI Summary

Taxation of MEIS scrips: sale proceeds are taxable as income and attract GST upon transfer. Income tax arises on proceeds from the sale of MEIS scrips in the year in which the sale occurs, treated as part of sales or other income, and the sale attracts GST linked to the characterization of the sale as a supply and to any services used to obtain the MEIS benefit.