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...
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Input tax credit on petrol and gas
Replies (2)
yes you can avail input tax credit in manufacturing consumables Like LPG
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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