India considers exempting gift vouchers from GST; Council to discuss key issues
Union Finance Minister Nirmala Sitharaman, who arrived in Jaisalmer on Friday, will chair the 55th meeting of the council on Saturday.
A government official familiar with the deliberations said the law panel under the council had recommended that gift vouchers be covered under the definition of prepaid instruments recognized by the Reserve Bank of India (RBI) that are used as a consideration to settle an obligation. They would thus fall under a category that can't be taxed under GST.
Retail Sector Had Sought Clarity
In cases where the vouchers are not treated as a consideration, these would be “actionable claims” and still not be treated as a supply of goods or services, according to the law panel.
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