TMI BlogClarification regarding applicability of GST on the petroleum gases retained for the manufacture of petrochemical and chemical products.X X X X Extracts X X X X X X X X Extracts X X X X ..... tion regarding applicability of GST on the petroleum gases retained for the manufacture of petrochemical and chemical products - regarding No. CT/GST-15/2017/167.- References have been received regarding the applicability of GST on the petroleum gases retained for the manufacture of petrochemical and chemical products during the course of continuous supply, such as Methyl Ethyl Ketone (MEK) f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining quantity is returned to the oil refineries. In this regard, an issue has arisen as to whether in this transaction GST would be leviable on the whole quantity of the principal raw materials supplied by the oil refinery or on the net quantity retained by the manufacturers of petrochemical and chemical products. 3. The GST Council in its 28th meeting held on 21-07-2018 discussed this issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the recipient and remaining residual material is returned back to the supplier. The net billing is done on the amount retained by the recipient. 5. This clarification is issued in the context of the Goods and Service Tax (GST) law only and past issues, if any, will be dealt in accordance with the law prevailing at the material time. This Circular is clarificatory in nature and not mea ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
