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Q. > Please Help: input credit on in house use of petrol
A sugar factory has its own petrol pump used to sell petrol. It also used petrol and deisel for factory vehhicles and claim input vat credit on the same. my query is whether input vat credit can be claimed on such in house use of petrol .
answered Jul 13, 2012 by Krishna Chandra Santi , Chennai
No. as petrol is consumed in your factory vehicle,input credit cannot be availed.
answered Jul 13, 2012 by Surendra Kumar Dash , Bhubaneswar
No
answered Jul 13, 2012 by Krishna Chandra Santi , Chennai
Input VAT on purchase of petrol for in house use cannot be adjusted against the output VAT on sale of petrol from petrol pump.
answered Jul 15, 2012 by Mrattunjay , New Delhi
Hello As other colleuges had explained VAT Credit can not be claimed for petrol in this situation.
Experts Panelist
Comments
CA ISHA MARFATIA
13-Jul-2012 , 11:03:48 amYes. It can claimed input VAT credit.
Surendra Kumar Dash
13-Jul-2012 , 02:37:23 pmHow dear Isha?