ITC on oil tankers purchased

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50 Points Posted on 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
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On 30 September 2020 at 21:24 Report
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Quick Summary
A business owner has purchased 10 oil tankers and leased them to Indian Oil Corporation, who pays GST on the transport bills under the Reverse Charge Mechanism (RCM). The owner, who is GST registered, is seeking advice on whether they can claim Input Tax Credit (ITC) on the purchased oil tankers, as most of their services are supplied under RCM.

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9 Points Posted on 30 September 2020
5℅ gst rates
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On 30 September 2020 at 21:44
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Tax and Business Consultant
11616 Points Posted on 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.
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On 01 October 2020 at 19:33

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