GST on LFR on Petrol & Diesel

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1 Points Posted on 12 July 2020
GST on LFR ( License Fee Recovery) is collected on Petrol (MS) & Diesel (HSD) eligible for ITC or Not.

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On 12 July 2020 at 19:34 Report
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This discussion explores whether the Goods and Services Tax (GST) charged on License Fee Recovery (LFR) for petrol and diesel is eligible for Input Tax Credit (ITC). Participants debate the eligibility based on whether the outward supply is taxable or non-taxable, referencing rules for ITC reversal if applicable.

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4215 Points Posted on 12 July 2020
Yes it is eligible
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On 12 July 2020 at 20:57
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298 Points Posted on 12 July 2020
No can't take itc because outward supply is non taxable supply hence not eligible itc and if it's outward supply non taxable supply and taxable then fully itc at end of year reverse itc to extent of non taxable proportion as per 42 rule n 43
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On 12 July 2020 at 22:19
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Junior accountant
135 Points Posted on 13 July 2020
Right chethan Sir
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On 13 July 2020 at 09:23

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