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?
Menu
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.
Recent Threads
- How to fill in csv file for Schedule 112A
- Gst 2a and Gst 3b difference
- What happens if a taxpayer forgets to file ITR but
- ITR 2 / Schedule FA / Income tax
- Best CA Office Management Software Tools for 2025
- GST ON ROYALTY APPLICABLE
- Income tax Regarding Rural Agriculture land
- Need Help & Clarification in ITR filing : ITR
- HOW TO ADD BANK ACCOUNT FOR A NON RESIDENT
- Gift to son for purchasing Commercial space
Related Threads
CAclubindia
