Tax consession on purchase of petrol
This query is : Resolved
25 August 2022
Sir
Petrol pump dealer at the time of purchasing petrol & diesel getting tax consession.
I want to know why this tax consession and what purpose.
and under what head in tally it will come.
Plz advise
Petrol pump dealer at the time of purchasing petrol & diesel getting tax consession.
I want to know why this tax consession and what purpose.
and under what head in tally it will come.
Plz advise
26 August 2022
Though it is advisable to get the clarification from the PRO of the petroleum company.
As far as I know, the companies fix standard rate of the petroleum products based on the maximum taxes (Excise +state ST +cess) for all over India. As ST is not same for all the states, so the states where the ST is lower, they reimburse it as tax concession in these states, bases on the ST rate of the particular state.
If that be the case, you can account it as discount against the purchase.
As far as I know, the companies fix standard rate of the petroleum products based on the maximum taxes (Excise +state ST +cess) for all over India. As ST is not same for all the states, so the states where the ST is lower, they reimburse it as tax concession in these states, bases on the ST rate of the particular state.
If that be the case, you can account it as discount against the purchase.
27 August 2022
Sir,
As per sales officer state govt offer subsidy to petroleum company and not to retailer. but
in retailer purchase bill tax consession is given and has effect on the bill.
As per sales officer state govt offer subsidy to petroleum company and not to retailer. but
in retailer purchase bill tax consession is given and has effect on the bill.
27 August 2022
Yes, the subsidy is in the form of reduction in Sales tax.
So, you can take the discount in purchase amount itself..
So, you can take the discount in purchase amount itself..
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