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TDS on LFR Recovery by Oil Company

Arif Kathiria

Dear Sir,

Our Clients are engage in business of selling Petrol, Diesel, and Oil. Our queries are

1. Under which section TDS on LFR Recovery by Oil Company should be deducted u/s 194J or 194I

2. Are we eligible to claim GST on Input Tax Credit of LFR Recovery, Can we claim proportionated on sales of Oil

Your valuable Response will help us

TDS classification on LFR recovery requires professional scrutiny; obtain expert opinion before determining section applicability. Whether tax should be withheld on an LFR recovery by an oil company depends on its correct characterisation for TDS purposes (fees for services versus rent/lease), and a related question is whether GST input tax credit on that recovery may be claimed and proportionately allocated to fuel sales; the recorded reply advises further professional scrutiny and obtaining expert opinion. (AI Summary)
Income Tax
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DR.MARIAPPAN GOVINDARAJAN on Mar 3, 2021

Since it requires more scrutiny you can get opinion from professionals.

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