No ITC for Petroleum Products Used as Fuel or Exported; Schedule E and Entry 5 Clarify Limitations.

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....Input Tax Credit - evaporation/handling losses of the petroleum products - There would be no ITC for tax paid on the goods specified in Schedule E when used or disposed of in the circumstances mentioned against those goods. The circumstances mentioned in Schedule E against petroleum products and natural gas are that when used as fuel or exported out of the State. Entry 5 of schedule E is not dealing with the items mentioned at Entries 1 and 2. In other words, circumstances mentioned against Entry 5 are not applicable to petroleum products and natural gas. - HC....