DEAR ALL,
Can input tax credit be availed on use of petroleum products??????
DEAR ALL,
Can input tax credit be availed on use of petroleum products??????
no...........specifically excluded.
no.... it is specificallly excluded....
No, It is come under neigitive list so u can't avail input credit.
I dare not say "petroleum products"... the exclusion is only for high speed diesel, light diesel and petrol...
So in case of products like Kerosene, etc., which are petroleum products, but used as fuel, i reckon CENVAT is allowed...
Similarly, grease, lubricating oil, etc. are equally petroleum products, but are allowed...
No Specially Excluded
Narayan is absolutely correct....
No, It is come under neigitive list .
agree with narayan
Dear Narayanan,
Rahul is asking for input tax credit (ITC) which means credit of VAT paid on local purchases and not about CENVAT.
Petrol, Diesel, Lottery tickets, Liqur etc., have been specifically kept out of VAT region. So, ITC not available on theses products.
Thanks
Oh is it... wrong interpretation on my part... anyways the answer still does nt change... even for VAT it only exempts petrol, diesel and Aviation fuel... so other petroleum products still win the war
No its excluded.
No. Tax on petroleum products cannot be availed as input credit. The input tax credit on petroleum products is covered by Schedule E as per example of (Delhi Vat).
It provides that in the following circumstances the input tax credit on Petroleum products and natural gas be taken as NIL.
(A) When used as fuel
(B) When exported out of state
The second condition is more appropriate for trader dealers. In case they decide to stock transfer petroleum products out of state without sale, input tax on these products, if already availed on these products will have to be considered NIL.
R. verma
First clarify what petroleum products you are talking about. If it is vatable, i.e. VAT is levied on the same, as in the case of Bitumen, Lubricants etc., then for what purpose it is used - If it is used as fuel in moto vehicles - no input tax rebate, but if is used in captive power generation or in the manufacture of other taxable goods, then partial rebate is available.
Your are not logged in . Please login to post replies
Click here to Login / Register
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
M N Rao & Associates LLP
Vijayawada
CA Inter
View Details
CCI
Pro
India's largest network for
finance professionals