We are manufacturer of Taxabal goods under GVAT, we are purchasing Raw materials, packing Materials & Natural Gas as fuel to manufacture Our final taxable Goods.
We rever 4% Input Tax Credit on Fuel local purchase as per GVAT.
Our quarry is, we also done OGS sales and we reversed ITC by 2% of Purchase Turnover as per GVAT Law w.e.f.01-10-2010.
We are not clear that, for calculating turnover of Purchase , it's necessary to include Fuel local purchase also for the same ?? because we already lost ITC by 4% reversal on Local Purchase of Fuel.
Pl help me.
with Thanks & Regds.