Subsidy exclusion from taxable sale price: state LPG subsidy reduces VAT base and is adjusted against companies' VAT liability. The State subsidy for domestic LPG shall be deducted from the basic price and the reduced price shall be treated as the sale price for VAT; oil companies shall adjust the subsidy amount against VAT payable on domestic LPG sales, and any resulting difference will not be treated as tax deficiency because the subsidy will be credited to the Department by the Food & Supplies Department.
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.
Subsidy exclusion from taxable sale price: state LPG subsidy reduces VAT base and is adjusted against companies' VAT liability.
The State subsidy for domestic LPG shall be deducted from the basic price and the reduced price shall be treated as the sale price for VAT; oil companies shall adjust the subsidy amount against VAT payable on domestic LPG sales, and any resulting difference will not be treated as tax deficiency because the subsidy will be credited to the Department by the Food & Supplies Department.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
