Director Took Company Stock for Personal Use
We are selling tyres and director took from our stocks for his personal car used and car is not under company name.
- May i know can treat this as a Gifts Rules or Sample or Others?
- What if the car is under Company name? And tyres take for company car used?
Please give me a good advice. Thanks !!!
Tax Code : TX
This refers to taxable goods and/or services purchased from GST registered suppliers. The prevailing GST rate is 6% with effect from 01/04/2015. As it is a tax on final consumption, a GST registered trader will be able to claim credits for GST paid on goods or services supplied to them for the furtherance of businesses. The recoverable credits are called input tax. Examples include goods or services purchased for business purposes from GST registered traders, imported services & and etc.
Tax Code : BL
This refers to GST incurred by a business but GST registered trader is not allowed to claim input tax incurred as prescribe in Regulation 36 Disallowance of Input Tax, GST Regulations 2014. Disallowance of Input tax are such as the supply to or importation of a passenger car, and the supply of goods or services relating to repair, maintenance and refurbishment of a passenger motor car.