TaxTMI 
TaxTMI 
INPUT TAX CREDIT
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....NPUT TAX CREDIT<br> Query (Issue) Started By: - SOHAN LAL Dated:- 22-4-2018 Last Reply Date:- 26-4-2018 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>DEAR SIR I WANT TO KNOW THAT I AM RUNNING PETROL PUMP AND I AM SELLING 2 NON GST ITEMS (PETROL AND DIESEL)AND ONE GST ITEM (LUBRICANTS). SO MY QUERY IS THAT CAN I AVAILED ITC ON OTHER EXP. BILL LIKE TELEPHONE EXP. , REPAIR AND MAINT. ETC. ....
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....AND UTILZIED IN OUTPUT TAX ON LUBRICANTS SALE. Reply By KASTURI SETHI: The Reply: Your main supply is petrol (Non-GST) and other two non-GST items. . Are you in a position to segregate the expenses (telephone, repair and maintenance etc.) incurred towards taxable and non-taxable supply ? ITC is not beneficial for you, it being costly in the event of non-maintenance of separate record for taxable....
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.... and non-taxable supply. Reply By CS SANJAY MALHOTRA: The Reply: ITC can be availed proportionately to the turnover of taxable supplies in GST on common services. Apply formulae ITC on common services /total turnover x taxable turnover Reply By CASusheel Gupta: The Reply: Dear Mr. Sohan Lal For claiming ITC the first expenses needs to be classified at invoice level, i. e. identify the expens....
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....es incurred for taxable supplies and exempt supplies. Thereafter for common expenses, proportionate credit can be taken. The formula is as suggested by CS Sanjay Malhotra CA Susheel Gupta 8510081001, 9811004443 Reply By KASTURI SETHI: The Reply: Dear Querist, I support the views of both experts. Reply By Ganeshan Kalyani: The Reply: Input tax credit can be availed on proportionate basis i.....
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....e. input attributable to taxable product. common inputs are availed based on turnover ratio. I agree with the views of experts collegue . Reply By subramanian vijayakumar: The Reply: I agree with the experts views<br> Discussion Forum - Knowledge Sharing ....