Input credit - allowance (urgent)

This query is : Resolved

K G Parthi (Querist)
Follow

17 May 2013 In many of the cases the Vat is not mentioned in the bill by the petrol bunk.

I just want to know the reason as why it is so?

Is Vat credit on petrol, diesel, etc. allowable?

Please reply.

Thanks in Advance.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

18 May 2013 Petrol and diesel are kept out of the VAT regime in most of the states in India.

In Kerala state, General Sales tax Act is retained on petrol and diesel.

Prakash Kochar

Prakash Kochar (Expert)
Follow

20 May 2013 In Maharashtra input credit is not available on motor spirit. Full set off is restricted on transactions covered u/r.54.
Sale of Motor Spirit at retail outlet is exempt from tax u/s. 41 (4)(2), no separate tax is charged in bill, therefore no vat input credit.

RENGARAJ R.K

RENGARAJ R.K (Expert)
Follow

05 June 2013 No Input tax is not eligible for diesel and petrol. Which state this query relates?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

06 July 2013 As the rate of VAT on Petroleum product is very high the same is not allowed to be adjusted as input credit. This means the petroleum products are kept out of the adjustment available for VAT. Therefore in all the bills of petroleum products you will not find VAT separately charged. You cannot do anything as this a Govt. Policy to collect more revenue for the State. Once thing more you should note that in every State the petroleum product price differs due to charging of VAT at different rate in different States.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Input credit - allowance (urgent)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Article Assistant