GST on retained feedstock: taxable only on net quantity retained by manufacturer; returned quantity taxable upon resale. GST is payable by the refinery only on the net quantity of petroleum gases retained by the recipient manufacturer for manufacture of petrochemical and chemical products; the refinery will be liable to pay GST on the returned quantity only when that returned quantity is supplied by it to any other person. This clarification applies mutatis mutandis to other feedstock arrangements where part is retained and the residual is returned, and net billing is to be on the amount retained by the recipient.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST on retained feedstock: taxable only on net quantity retained by manufacturer; returned quantity taxable upon resale.
GST is payable by the refinery only on the net quantity of petroleum gases retained by the recipient manufacturer for manufacture of petrochemical and chemical products; the refinery will be liable to pay GST on the returned quantity only when that returned quantity is supplied by it to any other person. This clarification applies mutatis mutandis to other feedstock arrangements where part is retained and the residual is returned, and net billing is to be on the amount retained by the recipient.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
