I M MANUFACTURER AND I M USING SOME OIL, NITROGEN GAS , GREASE IN VARIOUS PLANT AND MACHINERY FOR PRODUCTION. CAN I TAKE THE ITC FOR THE SAME, AS PER VAT WE HAVE TO REVERSE SOME PORTION OF OIL ITC USED.
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Input credit on oil, nitrogen gas or lubricants
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Quick Summary
Yes you can claim ITC as they are used in the course of or furtherance of business by virtue of Section 16(1) of the CGST Act 2017.
Conditions for availing ITC. 1. Taxpayer should be in a position of tax invoice or any other tax paying document.2.Tax payer has received the goods or servi ces or both.3.Tax charged in respect of such supply g has been actually paid to the Government, either in cash or through utilisation of input credit.4.Taxpayer has furnished Monthly return.GSTR3B.
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