Filling Stations in Punjab need not to calculate Input Tax or Output Tax on Petrol and Diesel under Punjab VAT Act 2005

1 comments Thursday, July 8, 2010

Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel under the Punjab VAT Act which runs as under:
“The amount received or receivable by oil companies for the sale of diesel and petrol, shall be deemed to be equivalent to the price, on which the retail outlets will sell these commodities to the consumer”

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