Can we avail input tax credit on purchase of LPG gas for canteen purpose in a manufacturing unit....urgent pls reply asap..thanks in advance...
2 Replies
DEEPAK ROHERA
(Senior Accountant)
(285 Points)
Replied 07 December 2012
yes you can avail input tax credit in manufacturing consumables Like LPG
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 08 December 2012
Yes you can take set- off but on a partial basis ......
a part of the set-off amount is retained as retention by the state goverments......
In MVAT 3% of the set-off amount of the lpg gas is disallowed for ITC i.e it is retained as retention
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