The CBIC has clarified that gift cards and vouchers, whether recognized by the RBI or not, are not classified as goods or services and are thus exempt from GST. This exemption also covers unredeemed vouchers, known as "breakage," and profits from trading margins between agents, issuers, or consumers. However, GST may apply to related services such as marketing, advertising, or co-branding, especially when commission-based agreements exist. This clarification, addressing industry concerns and aligning with a 2023 Karnataka High Court ruling, follows discussions in the December GST Council meeting, providing clear guidelines on voucher taxability and exemptions.
#gst #nogst #giftvoucher #cbic #taxrules
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