NARAYAN CHANDRA BHOWMIK 30 September 2020
I have 10 oil tankers which have been given on hire to Indian Oil Corporation. Indian Oil Corporation is paying GST on my transport Bill on RCM basis. I have GST Regn. Can I avail ITC on oil tankers purchased? because there are very rare scope to raise transport Bill on forward charge basis... Please advice
Sagar Patel (Tax and Business Consultant) 01 October 2020
If you are registered GTA Providing Services under RCM, than you can not claim ITC of oil tankers......
If your all Supplies are under RCM, than your not required to pay any GST.