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ITC ON FURNACE OIL
whether ITC can take on GST on Purchase of Furnace Oil
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Quick Summary
Yes ......................
Thanks sir
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.
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.
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.
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