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Accounting for petrol pumps

geetha (article) (28 Points)

10 July 2013

Dear all,

Please let me know how the accounting to be done for petrol pumps bussiness, how VAT is to be calculated on sales? and tax audit for petrol pumps??

Please tell me,its of very urgent!!!!

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3 Replies

CA Apoorva Gaurav (CA) (368 Points)
Replied 10 July 2013

Accounting will be more or less in the same manner

for calculation of VAT refer VAT returns earlier filed and do also refer the relevant state VAT Rules for the applicable rates

Tax audit will have to carried out if turnover exceeds Rs 1 crore

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geetha (article) (28 Points)
Replied 11 July 2013

i refered VAT returns,they showed all the sales of petrol and diesel as exempt sales.they only showed VAT of 14.5%on lubricants purchased and sold. iam not understanding why they showed as exempted sales where the rate of VAT on petrol and diesel is 31% and 22.25% respectively??