RENT RECEIVED BY PETROL BUNK OWNER ON TANKER FROM IOC

3944 views 8 replies

GANGI NAIDU YANAMANDALA

135 Points Joined April 2017

Dear sir /Madam

one of my client having PETROL Bunk
he RECEIVED Rent from INDIAN OIL COMPANY for using his Tanker for transportation of PETROL from storage point to Petrol Bunk...but our didn't raise any invoice on IOC ,Company transferred monthly to BANK account.
Amount is not a fixed one depending on Tanker capacity.

while filing GSTR-9 And 9-C where we have report and reconcile..
But in Audited Financial statements it's shown P& L as separate item Tanker Rent...
How to declare in GSTR-9 & 9C

THANKS IN ADVANCE

Replies (8)

Anup Agarwal

1184 Points Joined December 2019

In short you have given service of Hiring of motor vehicle.
GST is applicable for the same at the rate of 18%.

RAJA P M

"Do the Right Thing...!!!"

128111 Points Joined January 2015

Yes... I agreed to Mr Anup Agarwal.,

@ Mr GANGI NAIDU.,

If You are giving the vehicle to rent then GST applicable as per above said reply...

You can show the same in Your Taxable value then only Values are matching with GSTR...

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

Services by way of transportation of goods by road other than by a GTA or a courier agency are exempt from tax under entry no. 18 of Notification no. 12/2017-Central Tax (Rate) .

RAJA P M

"Do the Right Thing...!!!"

128111 Points Joined January 2015

Dear Pankaj Rawat Ji.,

Yes... As per Your said notification Transportation of goods by road is exempted...

But,

Note here not given transport service. Here vehicle give to RENT. this not under transportation...

Give Your opinion please...

samy

students

22 Points Joined May 2017

they not provide serivice of gta

Guest

Better check the agreement with the company regarding the renting of the truck. The company might be paying GST under RCM.

jignesh sitapara

175 Points Joined June 2017

Can you please provide any notification this such case.

Deepak Mishra

4 Points Joined August 2021

Pankaj Rawat is 200 % correct. As price of petrol/diesel depends on transportation cost and also all Tankers (owned by vendor/company) carrying products from oil depot to petrol pumps works on a common tender pricing (rate per trip per kilometer) which is decided by oil companies to control price of petrol/diesel. And also, no consignment note is issued to any dealer. Once product along with tanker comes out of depot, company's liability ends for the product/tanker. So If any kind of GST will be charged on transportation by any way, it simply hits sale price of petrol/diesel.