Dear Sir,
We are into Contruction business, we purchase diesel from Petrol Pump/Service Centre, They give us their bill without separating the vat component from the total amount. What is the vat rate for suct diesel purchase and whether we can claim set off from such amount?
Till now we were treating as Diesel consumed a/c.
Please advice us.
Regards
Mannsha
Petrol, diesel etc whose price is fixed by the government are not governed by VAT. Hence Input tax of diesel cannot be set off.. These are general principles and applicable to all states.
If you are a work contractor you can set off the all amount of purchase of diesel, petrol as consumable.
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