TAX LIABILITY ON BENEFITS OR PERQUISITES RECEIVED FROM SUPPLIER

[BARUN MUKHERJEE]

SIR,

IS THERE ANY LIABILITY TO PAY GST ON BENEFITS OR PERQUISITES RECEIVED IN RESPECT OF BUSINESS OR PROFESSION?

AI Summary

GST on benefits or perquisites applies when they constitute consideration for a supply; valuation follows CGST valuation rules.
GST applies to benefits or perquisites only if they amount to consideration for a supply of goods or services; valuation of such non-monetary consideration follows the valuation provisions in the CGST rules. Determination requires factual and contractual analysis, and entries in tax information statements do not automatically establish GST liability.