https://www.taxtmi.com/article/detailed?id=16489 Diesel used in construction and real estate operations is treated as a consumable input rather than stock-in-trade for resale. It may be recognised as a current asset in the nature of stores and consumables when held unused, but once consumed it is absorbed into project cost or work-in-progress, and where directly attributable it is charged to the relevant project. Valuation follows Ind AS 2 on a cost basis, while GST is not applicable on diesel purchases and input tax credit is unavailable, increasing project cost and work-in-progress. en-us Mon, 25 May 2026 08:19:35 +0530 Mon, 25 May 2026 08:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16489 Diesel used in construction and real estate operations is treated as a consumable input rather than stock-in-trade for resale. It may be recognised as a current asset in the nature of stores and consumables when held unused, but once consumed it is absorbed into project cost or work-in-progress, and where directly attributable it is charged to the relevant project. Valuation follows Ind AS 2 on a cost basis, while GST is not applicable on diesel purchases and input tax credit is unavailable, increasing project cost and work-in-progress. Articles Accounting - Auditing Mon, 25 May 2026 08:19:35 +0530 https://www.taxtmi.com/article/detailed?id=16489