Availability of input tax credit

This discussion clarifies the availability of Input Tax Credit (ITC) for businesses operating petrol pumps. While ITC is generally available on lubricants purchased for business use, it is typically not applicable to tyres purchased for tankers, even if those tankers are used for business purposes like transporting fuel. The key factor is whether the expenditure directly relates to the furtherance of the business in a way that qualifies for ITC under GST regulations.