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HOW TO FILE GST RETURN AND MAINTAIN ACCOUNTS OF PETROL PUMP

In this blog I will tell you how to do accounting of petrol pump and filing the returns in the GST regime.

Till today petrol and diesel are still under old tax i.e. VAT. However rather than this other things like lubricants, motor vehicle parts , servicing, washing are under GST. This creates a lot of confusion and chaos among the concerned people. To clear the doubts read this blog till the end.

ACCOUNTING

You have to maintain separate heads for VAT and GST. Do the entries of petrol and diesel under VAT and of lubricants, repairing, servicing, other things under GST.

Petrol and Diesel - Maintain a daily stock register for the sale of petrol and diesel separately. Write the opening and closing reading of meter of all pumps and calculate overall sales on daily basis. Also maintain a book for writing the daily oil prices. Multiply the sales of each day (which will be in litres) with the daily rate getting the total amount of sales in the day. You have to do only single entry for each day of both petrol and diesel separately.

For there purchase you have to pass entry for each bill separately. 

Lubricants, Servicing,etc - For sale of lubricants you can write it in separate register and pass the entry after every 10-15 days. In case of servicing you have to pass the entry for each servicing separately.

For there purchase pass entry for each bill.

RETURNS

Since petrol and diesel are under VAT you have to file there VAT returns. For lubricants and service you have to file GST returns.

VAT Return - Show the sale and purchase of petrol and diesel in this return. No need to show the lubricants and servicing in this.

GST Return - Under this you have to pay tax on sale of lubricants and service and can claim input credit on purchases such as purchase of lubricants, motor parts, expenses like telephone bill, stationery, etc. Also you have to show the sale and purchase of petrol and diesel under non gst supply. This is a very important point which you should keep in mind.

So that was it for the accounting entries and returns for the petrol pump. Hope you liked it.

Comments

  1. Unknown24 August 2020 at 10:18

    Can claims ITC of LFR charges please tell us

    ReplyDelete
  2. Legal Biznezz25 July 2022 at 02:06

    If you are in any doubt about how to file GST Return Filing and maintain accounts of your PETROL PUMP, then you can directly talk to the authorized representative of VAT-GST department who will help you in managing your return and tax liability. This article will explain the basic points in GST RETURN and the main responsibilities of a PETROL PUMP.

    ReplyDelete
  3. nareshnk14 September 2022 at 00:37

    A destination-based indirect tax imposed on the provision of goods and services is known as the Goods and Service Tax (GST). Numerous indirect taxes have been replaced by it, including the VAT, service tax, CST, excise duty, and pan to gst.

    ReplyDelete
  4. nareshnk14 September 2022 at 00:40

    Conveyance deed cancelled is an important and complex topic of Indian civil law. In many challenging instances, when material is withheld or misrepresented, the only practical way out of a flawed agreement is to annul the deed itself.

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  5. darcollp5 October 2022 at 21:49

    Thanks for sharing this information let me tell you about GST RETURNS, The tax document or form that GST-registered taxpayers must file with the authorities and which includes information on income, sales, and purchases and costs is known as a GST returns . The tax authorities use this return to determine their net tax liability.

    Generally speaking, a GST-registered merchant has to be aware of appropriate GST return filing, which includes:



    Sales

    Purchases

    GST output for sales

    tax credit for input (tax paid on purchases)

    ReplyDelete
  6. What is CTE (Consent to Establish)?1 April 2025 at 04:27

    Thanks for posting an amazing article, it is quite useful for me company share transfer deed Visit Our Website.

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