please reply my query????????????????????
This query is : Resolved
RAHUL KUMAR TAANK
(Querist)
02 November 2010
Can input tax credit be availed on use of petroleum products????????????????
Aditya Maheshwari
(Expert)
02 November 2010
i think they are in negative list for taking credit and hence cannot be taken.
RAMESH KUMAR VERMA
(Expert)
02 November 2010
No. Tax on petroleum products cannot be availed as input creditThe input tax credit on petroleum products is covered by Schedule E. (delhi vat)
It provides that in the following circumstances the input tax credit on Petroleum products and natural gas be taken as NIL.
1. When used as fuel
2. When exported out of state
The second condition is more appropriate for trader dealers. In case they decide to stock transfer petroleum products out of state without sale, input tax on these products, if already availed on these products will have to be considered NIL.
It provides that in the following circumstances the input tax credit on Petroleum products and natural gas be taken as NIL.
1. When used as fuel
2. When exported out of state
The second condition is more appropriate for trader dealers. In case they decide to stock transfer petroleum products out of state without sale, input tax on these products, if already availed on these products will have to be considered NIL.
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