Input VAT Credit on Furnace Oil used for Production/ Manufacturing is availabale or not in karnataka ?
If available ? is it Fully or not??
Please help by answering
ANIL KUMAR (Qualified CA Qualified CWA) (143 Points)
21 November 2012Input VAT Credit on Furnace Oil used for Production/ Manufacturing is availabale or not in karnataka ?
If available ? is it Fully or not??
Please help by answering
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 21 November 2012
Below is the extract of relevat section which will answer your query
Section 11. Input tax restrictions.- (a) Input tax shall not be
deducted in calculating the net tax payable, in respect of:
(6) tax paid on purchases attributable to naptha,
liquified petroleum gas, furnace oil, light diesel oil,
superior kerosene oil, kerosene and any other
petroleum product, when used as fuel in motor
vehicles, but when used as fuel in production of any
goods for sale in the course of export out of the
territory of India or taxable goods or captive power,
input tax shall be deducted as provided in Section
14.
14. Special rebating scheme.- Deduction of input tax shall be
allowed on purchase of goods, specified in clauses (5) and (6) of subsection
(a) of Section 11, to the extent of the input tax charged at a rate
higher than four per cent or any lower rate as may be notified by the
Government.
Regards
Dayananda
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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