Home Forum Goods and Services Tax - GST Month 8 2021 2021 (8) This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Issues Petrol Pump Dealers - Goods and Services Tax - GSTExtract Dear Sir, Petroleum retailers (Petrol Pump Operators) are selling Diesel, Petrol and Lubricants. All dealers are GST registered dealers. Dealers are paying LFR (Rent for using Licence, Machinery, Land etc) to Oil Marketing Companies (OMC). OMCs are charging SGST and CGST form dealers by raising TAX Invoices to dealers. Dealers are also selling lubricants (18% GST slab) May dealer accumulate ITC paid on LFR after adjusting GST payable (lubricants), considering that components of lubricant sales is very nominal ? Some Tax experts are saying that accumulation of ITC become very high and NOT possible to adjust in Current FY or something like that. Is this Statement has some Legal ground ?
|