Is ITC available under GST for Natural gas (MSME)? Currently, VAT paid ITC is available.
On natural gas consumed by msme currently ITC of vat paid is available post GST as natural gas is not included under gst ITC can be claimed or not? If yes what will be mechanism.
If this falls under the 5 petroleum products, it will continue with its existing structure and the taxes paid on it will get credit. That will be a cost to the business and to the extent there will be cascading effect. Once GST council decide to levy GST, this problem will go away.