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ITC ON FURNACE OIL

Ragu Pathi (5 Points)

25 May 2020

whether ITC can take on GST on Purchase of Furnace Oil

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4 Replies

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 25 May 2020

Yes ......................

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Ragu Pathi (5 Points)
Replied 26 May 2020

Thanks sir

Shivam RC (Student) (23683 Points)
Replied 26 May 2020

As per the Provision of Section 16(1) of the CGST Act 2017, Input Tax Credit can be claimed on all goods or services ( Inputs, Input Services and Capital Goods ) which are "USED IN THE COURSE OR FURTHERANCE OF BUSINESS".

Therefore, since furnace oil is being used in the course of business, you can claim ITC provided that all the FOUR CONDITIONS as laid down under Section 16(2) of the CGST Act 2017 is satisfied.

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Vinay Sharma (2 Points)
Replied 01 March 2021

Yes. ITC of GST on goods can be applied for payment of GST on the outward supply of goods or services. RIRO PetroChemicals( https://myriro.com/) especially France Oil It is used primarily for steam boilers in power plants, aboard ships, and in industrial plants.