ITC against LFR fee payment by Petrol Pumps..
This query is : Resolved
24 December 2019
One of my Client is running a Petrol pump of IOCL, made periodic payments (Inc. GST) of License fee recovery (LFR) charged by IOCL. At the same time, he receives Lease rent (Inc. GST) against such petrol pump from IOCL.
What LFR is basically a License Fee originally charged by government from Petroleum distribution companies for operating petrol pumps. With this spirit, if we are getting rent receipt against such petrol pump. That means, GST paid in LFR should be allowed as Input service against such Outward supply of Rent.
Please clarify on this.
What LFR is basically a License Fee originally charged by government from Petroleum distribution companies for operating petrol pumps. With this spirit, if we are getting rent receipt against such petrol pump. That means, GST paid in LFR should be allowed as Input service against such Outward supply of Rent.
Please clarify on this.
24 December 2019
Licence fee is input for selling petrol and diesel which can't be claimed against rent.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Liable to deduct tds and 44ADA
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
