If I buy a tank lorry for my petrol pump business, will the ITC be available for utilisation?
It will be used for transportation, no doubt. But the transportation will be that of petrol and diesel which are presently outside the purview of GST? So, no GST goods will be transported by the tank lorry.
Will GST be still claimable in that case? Or it has to be reversed?
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Is ITC available on tank lorry?
Replies (5)
Are you charging transportation charges or carrying own material?
It will carry oil (petrol and diesel) for mu own petrol pump.
If you have utilized ITC, reverse it. GST is to be capitalized in your case & depreciation can be claimed over it.
May be petrol & diesel will be under GST in near future. Till then no ITC.
ITC is in credit ledger. But not utlized yet. Will I keep it as it is or I have to reverse it?
Let it be as it is. Don't utilize it.
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