ITC ON NON REFUNDABLE SECURITY DEPOSIT TO INDIAN OIL CORPORATION

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This query is : Resolved

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This discussion clarifies whether Indian Oil Corporation's non-refundable security deposits, collected with GST, are eligible for Input Tax Credit (ITC) for dealers. The consensus is that dealers can indeed claim ITC on these security deposits. Additionally, the query touches upon the GST implications of Indian Oil reimbursing 25% of rent to dealers.

PURNACHANDRA RAO GOGULAPATI

PURNACHANDRA RAO GOGULAPATI (Querist)
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10 June 2021 This Experts. Please clarify
Indian Oil Corporation Collect Non refundable Security Deposit from Dealers along with GST.
and also reimburse the 25% of rent along with GST to dealers. whether Dealer can claim ITC on the Security deposit, while payment of gst to department on Rent reimbursement.

Thanks in advance