tax for consumer sales oil and natural gas

8/3/2019 Tax for Consumer Sales Oil and Natural Gas

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TAX for Consumer SalesOil & Natural Gas


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BROAD JOB DESCRIPTION ATDivisional Office

Customer related queries Sourcing - least cost ; Cenvat Credit ; VAT set off .

SOA reconciliation Banking arrangements, NOC accounts

Disbursements Discounts, Debit notes , Credit notes Creditworthiness Purchase Functions

Service Tax credit set off Service Tax payment CFAs stock reconciliation , documentation Declaration Forms Collection


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Consumer SALES PRODUCTS

HSD, LDO,SKO ( Industrial)

Furnace Oil

LSHS, Naptha MTO, Solvent,Hexane

Asphalt

CBFS LPG ( Non-dom.)

Lubes , Greases.


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SOURCING Product Cost ( Prod. Value + Excise Duty + Sales Tax (

VAT or CST ) + Freight + Enroute levies +Entry Tax etc.

Cenvat credit

VAT set off


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SOURCING OF DS PRODUCTS

HSD, LPG (Non-dom.),SKO ( Industrial )can be from either our refinery orbought out from others . Can be out of

imports also. Furnace Oil / Naptha can be either fromour refinery or bought out from others.

All other bulk products are from ourrefinery. Lubes / Greases are from our Blending

Plant / Repackers.


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PRODUCT SOURCING

Product Cenvatable or not.

Except MS, HSD, LDO all petroleum products are cenvatable .

FO, SKO ( Indl.), LPG ( bulk / industrial ) major cenvatableproducts .

Cenvat credit to be passed on only to the extent of excise dutypaid initially at refinery / LPG Fractionator.

SKO and LPG should not be sold to non-PDS customers if theproduct is imported one.

In case of domestic source, advance indent has to be given so thatcorrect duty payment is made .


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PRODUCT SOURCING

VAT requirements vary from State to State. The following details are to be obtainedfrom the Controlling Zonal Sales Tax Section :

Product VATTABLE or not

Negative list of products under VAT

Treatment of inter oil company transactions

Tax invoice requirements .

VAT rates of products . ( Excel file encl.)

In case of non-VATTABLE products , it is better for the customer to buy oninterstate basis against C forms.

Requirements for buying against C forms.

In some States , for products used as fuel , full VAT set off is not there .


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Central Excise Customers who are taking cenvat credit

Product Locn Regn.- Cenvat invoice ( JDE / manual /external package ) RG23D Register Filing returns .

Regn. No. is based on PAN no. of OMC : AAACH1118B.

Manufacturer ( Refinery , Lube Plant , CNG mother stn.)Regn. No. suffix XM .

Depot of Manufacturer : Receiving product only from ourrefinery / Lube Blending Plant : regn. No. suffix XD.

First Stage Dealer : receiving product from otherCompanies : Regn. No. suffix XD.

Cenvat credit should not be passed on more than the dutyamount paid by refinery / blending plant .


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CENVAT CREDIT (PASSING OF )

Currently Cenvat Credit is applicable on all petroleum products

except MS, HSD and LDO. Locations selling products other than MS, HSD and LDO shouldhave excise registration to pass on Cenvat Credit.

Regn. as Dealer / Depot of Manufacturer / First Stage Dealer . Depending on source of product ; multiple source multiple regn.

Registration , issuance of cenvatable invoices , filing half yearly

returns separately for each regn. segregation of productscovered by different registration. Applicable for Lubes ( in case if cenvat credit is passed on by the

Locn . ) . Since many depots selling FO are coming under Retail RO, the above aspect

has to be kept in mind.

Note: As per our records except Khapri Depot, no other POL depotis having excise registration to pass on cenvat credit inMaharshtra , Goa and M.P. (Mumbai based Terminals and LubeDepots are also having excise registration)


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VAT REQUIREMENTS

Updation of TIN no. of customers in CMR

No VAT benefit on credit notes to customers as arule under VAT

Exceptions : Railways, Customers buying products as fuel.

All VAT / Sales Tax credit notes to be approvedby Zonal Sales Tax Section.

VAT assessment is monthly . Credit notes to customers on monthly basis. At the end of the financial year no credit notes

Corporation to be out of pocket.


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SOURCING Product Applicability of Entry Tax on the

product in Customers hands .

Varies from State to State ; Details to beobtained from controlling Zonal Sales TaxSection.


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Coverage of PetroleumProducts under VAT

In all States under WZ ( Maharashtra , Goa and M.P.) allPetroleum Products including MS and HSD are underVAT .

Maharashtra All products except MS and HSD

attract multipoint VAT . MS and HSD attractVAT only upto level of Oil Company selling toDealer.

M.P. Exemption for transactions between IOC,

HPC,BPC and IBP . MS, HSD, SKO No set off . Other Products full set off .

Goa All products attract VAT at first pointwithout VAT set off .


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Status of Inter Oil CompanyTransactions

M.P. Exempt for transactionsamongst IOC, HPC , BPC , IBP .

No exemption for GAIL ; Taxed at full rate withVAT set off.

Maharashtra , Goa - noexemption

Maharashtra - all major products taxable @ 4%

with VAT set off . Goa all major products taxable at full rate withoutVAT set off.


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VAT Input Credit -Maharashtra

Available on all items purchased for

the purpose of business except fora small negative list .

All items including capital goods areeligible for 100% set off in first

year itself.


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NEGATIVE LIST UNDER MVAT RULES

AS PER RULE 54 , NO SET OFF IS AVAILABLE ON

THE FOLLOWING :

Motor vehicles ( passenger vehicles) , its parts ,components and accessories thereof.

Motor Spirits ( Petrol, HSD, ATF ) unless it ismeant for resale ( local , interstate , export ) or

for interstate stock transfer.

Crude oil when used by an Oil Refinery for refining


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NEGATIVE LIST UNDER MVAT RULES( Rule 54 continued )

Consumables or capital assets acquired by a dealerprincipally engaged in doing job work / labour work and notin the business of manufacturing of goods for sale .

Purchases made by a dealer having entitlement certificate

(availing Package Scheme of Incentives).

Goods of incorporeal or intangible nature (other than importlicence, export permit / licence / quota , credit of dutyentitlement pass book , SIM Cards , software package in the

hands of a dealer trading in software , copyright which isresold within 12 months of date of purchase).


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NEGATIVE LIST UNDER MVAT RULES

( Rule 54 continued )

Purchases effected by way of works contractwhere contract results in immovable property otherthan Plant and Machinery.

Purchase of any goods ( the property in which is nottransferred whether as goods or in some form -to any person ) which are used in the erection ofimmovable property other than plant and

machinery. Indian Made Foreign Liquor or Country Liquor if

dealer has opted for composition.

Note : Items given in red are applicable for OMC.


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REDUCTION IN VAT SET OFF

(RULE 53 OF MVAT RULES) Purchase of Office equipment , furniture, fixture where such goods purchased

are treated as capital assets by thedealer claiming set off , then 4% of thepurchase price is to be reduced fromVAT set off (i.e.) VAT set off isavailable in excess of 4% of VAT paid .


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REDUCTION IN VAT SET OFF

(RULE 53 OF MVAT RULES) Purchase of finished goods for resale byavailing VAT set off stock transfers

outside State 4% of purchase price isto be foregone.

VAT set off availed on inputs used inmanufacture of fin. Goods stocktransferred outside State 4% of

purchase price is to be foregone.


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VAT Input Credit

Other States Goa

No set off for petroleum products ;

OMC does not have any manufacturingfacility in the State.

M.P.

No set off for petroleum products exceptLPG .

No manufacturing facility for OMC in thisState.


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VAT SET OFF REQUIREMENTS-MAHARASHTRA

Seller should have registration under Maharashtra VAT Actand his VAT Registration no. ( TIN no.) should be mentionedin the Bill .

The Word Tax Invoice should be there on the Billcompulsorily.

Other words Invoice , Sale invoice , Commercial Invoice ,Bill etc . may or may not be there.

The following certificate should be there on the Bill : I/We hereby certify that my/our registration certificate

under the Maharashtra Value Added Tax Act, 2002 is inforce on the date on which the sale of the goods specified

in this tax invoice is made by me/us and that thetransaction of sale covered by this tax invoice has beeneffected by me/us and it shall be accounted for in theturnover of the sales while filing of return and the due tax,if any, payable on the sale has been paid or shall be paid.


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VAT ( contd.)

STOP CODES Delivery order 000 exempt 001 against Form C declarations 002 to 099 CST Sales 100 Local VAT / Sales tax 101-399 Local VAT

Local Sale vs. interstate sale Seller (OMC) and buyer in same state Local; otherwise

interstate sale.

Intransit sales requirements

Usage of correct STOP CODES and tax rates


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Purchase against C forms

Items used in manufacture/ processing of goods forsale

For resale

For generation or distribution of electricity or power

For mining

For goods being used in telecommunication network Rate of tax against C form : 4% ( upto 31.3.2007),

3% ( w.e.f. 1.4.2007) , 2% ( w.e.f. 1.6.2008)

Without C form : Till 31.3.2007 local rate indespatching State or 10% whichever is higher ;w.e.f.1.4.2007 it is local rate in despatching State.


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Requirements in C forms Valid Registration number in C form

Date of registration should be prior to invoice date

Invoice no., invoice date, invoice value should berecorded either in front side or reverse side of Cform and signed and stamped with designation .

If details are given separately in attachment , itshould also be signed by same person signing thedeclaration form. (Otherwise invalid attracting fullrate of tax.)

w.e.f.1.10.05 one C form can cover transactions

covering one calendar quarter if purchase order isgiven by customer . Otherwise value limit is Rs. 1 lac.per C form . Upto 30.9.05 transactions of onefinancial year can be covered in a C form subject toabove conditions.


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SALES TO GOVT. DEPT.

Form D was applicable to sales to Govt.Department till 31.3.2007. ( CST sales ).

Preprinted by respective Govt. Dept. Rates , same as for C forms.

Upto 30.9.05 one D Form can covertransactions for a full year subject toavailability of purchase order ; During1.10.05 to 31.3.2007 transactions of onecalendar quarter only can be covered.


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DECLARED GOODS

Declared Goods ( iron & steel , Crudeoil , LPG for Domestic use )

Taxability within State local sale cant

exceed 4% Without C form interstate sale 4%

IN TRANSIT SALES UNDER CST ACT


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IN-TRANSIT SALES UNDER CST ACT

Sales tax rate : NIL Sales during transit :

Other refinfery OMC Customer ; OMC reseller end customer.

OMCs sale reported in either original despatching State or in receiving State.

Endorsement of documents of title ( LR, RR , BL)

OMC to give C form to selling Oil Co.

Collect C form from buyer and get E1 form from Selling Oil Co. Submit both C form of buyer and E1 form to sales Tax authority to claim exemption from tax.

Requirements are to be followed for doing intransit sales Our buyer should have a valid CST Regn. Certificate wherein the subject goods are covered for resale

purpose.

When OMCs customer makes an intransit sale , OMC would give E1 form to itscustomer.


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States of WZ under VAT

Effective

Maharashtra Apr 05

Goa Apr 05 M.P. Apr 05


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UPDATION OF TIN NOSOF CUSTOMERS

Under VAT Acts, each State Govt. is insisting on printing ofTIN no. on the invoice.

ERP says , hardly 10% of our customer base is having TINno. updated .

If TIN no. is not there in the invoice , VAT set off would bedisallowed shortly by the Govt. to the customers.

E-return under VAT Act is being made mandatory . Absence

of Customers TIN no. would make OMCs e-returns invalidand attract penalty.


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Service Tax

Statutory liability Ex-MI delivery assistance cases Alongwith freight , service tax also should be passed

on and claimed from customers Valid Tax invoice should be given Delivered supplies ( both sales and stock trasnfers )

of MS, HSD,SKO,LPG,ATF service tax regn. ,payment at Zone . All other products at respectiveTerminals or Regional Offices.

No service tax when freight on individual transaction

( single consignment ) < Rs. 1500/- and multipleconsignment < Rs. 750/- );


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Service Tax

Cenvat Credit on service tax paid : Wherever service tax is paid by OMC , for

taking cenvat credit and passing of credit toRefinery , details are to be sent to WZ .

Details include valid tax invoice copy fromservice provider , data in the given format (both hard copy and soft copy).


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APPLICABLE TAXES

Income Tax ( TDS ) VAT ( Set off ) VAT ( TDS ) Service Tax ( payment )

Service Tax ( Set off ) Differential Excise Duty ( Branded Fuels) Excise Duty ( passing of cenvat credit)

Octroi / NMMC Cess ( Payment , Pricing ,Inventory valuation) Entry tax Property Tax


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INCOME TAX ( TDS)

On payment : To be guided by HQO Tax circular being sentin April first week every year .

TDS rate is decided based on nature of

payment ( rent / commission ) and personreceiving payment ( Individual / Firm /Company )

Deduct applicable TDS while making payment .

PAN NO. compulsory for each Payee. Deposit on due date ( on or before 7th of the

following month ) . Compulsory e-payment mode


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INCOME TAX ( TDS)

On payment : Filing of Quarterly returns Acknowledgement.

Issuance of TDS certificates.

On receipt : ( Rent , Interest etc.) Original TDS Certificate to be collected .

Journalisation in line with HQO circular dt.18.2.08 (sent already to all R.Os).

TDS certificate is to be sent to HQO TAX ,PH-5 directly immediately on journalisation inthe same month when it is received.


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INCOME TAX ( TCS)

Tax Collected at Source on scrap sales. Applicable only to manufacturing locations.


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SERVICE TAX Statutory Liability Cenvat Credit ( Input Service Credit

Distributor )


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SERVICE TAX ( STATUTORYLIABILITY)

Goods Transport Services Based on freight details received from ROs / Terminals

Storage and Warehousing Services } LPG Filling ( Packing ) }

Pipeline Transportation Charges } Based on data from Oil Exchange Section , Zone.

Rental for Immovable Property ( w.e.f. 1.6.2007 ) Based on data from RO / HB

supply of tangible goods for use or service (SSLF )( w.e.f. 16.5.2008 ) Based on data from ERP


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RENTAL FOR IMMOVABLE

PROPERTY Applicable for ARB income ; w.e.f. 1.6.2007 ; Rate : 12.36% ATM , Convenience Store, Food Court etc.

HQO Tax has gone through 33 agreements given by Retail SBUand advised applicability / non-applicability of service tax ; this

was sent to all R.Os. in June07.

Each RO collecting ARB income has to see whether theagreement is covered in the circular .

If not covered , to give the details to Zonal Tax for taking up withSBU and HQO Tax.


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RENTAL FOR IMMOVABLE

PROPERTY If covered , RO should issue Tax invoice in the formatcirculated already to ARB partner and collect service taxapplicable .

Invoice copy and Cash receipt copy to be forwarded to ZoneTax for making payment.

Service Tax portion to be coded to 10000.324930.11350.

Zone would handle payment of tax , filing of returns .

SERVICE TAX CENVAT CREDIT


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SERVICE TAX CENVAT CREDITREQUIREMENTS

Service Provider should have registration underFinance Act , clearly specifying the Service Headunder which he is covered .

Currently there are 106 services and there is apossibility one service can be covered under

multiple heads . Though generally service tax rate is 12.36% , in

some cases abatement is there reducing the rateof tax .

Service Tax Registration no. should be

mentioned in the Bill .


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SERVICE TAX CENVAT

CREDIT Except when a Locn. handles exclusivelyimported products, cenvat credit on servicetax is available on all service tax payments .( as per HQO Tax Circular).

So whenever service tax payment is made bya R.O. , the service tax element should becoded to 10000.266820.11350 account .

Either through set up in JDE or through Line 4adjustment.


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ENTRY TAX Currently in Maharashtra , Entry tax is

applicable only on Petroleum Products andMotor cars .

no entry tax on products brought for resale . Goa

no entry tax .

M.P.

MS, HSD, LPG ( Indl.) 1% Lubes 2% LPG (Dom.) 6.47% Cylinder , Valve , Regulators 1%


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PROPERTY TAX Any revision in rateable value leading to increase in tax payment

should be contested . Normally within 15 days of receipt of proposal to raise addl. demand ,objection should be lodged .

Any communication received including bill for property tax shouldbe stamped with date of receipt .

To calculate the time bar .

Comparison with nearby Properties as well as facilities like (water ,drainage etc. ) to be seen .

While giving details to local authority about the asset value ,details like interior furnishing etc. should be avoided since thereis no property tax on the same .


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PURCHASE AGAINST DECLARATION

FORMS ( C FORMS ) OMC can buy following items against FormC declarations :

Items meant for resale ( finished products )

Ethanol Goods used in generation of electricity ( Generators) Goods used in telecommunications network

While buying applicability of VAT set offif bought locally or negative list under VATAct should be considered.


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SCRAP SALES

Sales Tax element should be codedto 10000.325530 ( local ) or 325440

( CST) . Two Digit code in Cashreceipt.

Copy of CR and invoice and C form if

applicable should be sent to WZ TaxSection on a monthly basis .


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CONCESSIONAL FORM In order to avail concessional rate of Tax or nil

rate of Tax various forms have to be submittedby the buyer to the seller and in the case ofsale in transit even the seller has to submitforms prescribed in the Act. They are form C,

Form F, Form H, Form E-I and Form E-II. Form C In case of Inter-State sale by buyer Form E IAnd E II-In case of in-Transit Sale

by seller (6(2)(b) sale).

Form F In case Stock Transfer /branchtransfer by branch.

Form H In case of Exports of the goods byexporter

Form I b S ecial Economic Zones.

ONLINE UPDATION OF


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ONLINE UPDATION OFDECLARATION FORMS

Blank C form without invoice details servesno purpose

While sending the C forms to Zone , supplypointwise , quarterwise to be sent tocontrolling Zonal Tax Section.

Customer no. should be given in the C form.

Immediately after collection of C form (complete in all respects ) the same should beentered using the ERP facility for online

updation of forms ( circular sent on 13.6.08to all R.O.s) for which already access hasbeen given to all R.Os.


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DECLARATION FORMSCOLLECTION

Hence It needs to established propercontrol and monitoring system to

collect and submit the concessionalform /complying with legalrequirement within two month fromthe end of the quarter to minimizeOMCs Tax burden.


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AREA OF CONCERN

The following Tax demand areoutstanding due to non submissionForm C and Form H etc.

Zone Amt (in lacs)EZ 78325.60NZ 18895.18SZ 33947.14WZ 83463.64


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POINTS TO BE KEPT IN

MIND 1. Price quotations should not have full break up of price ashas been communicated vide HQO Pricing circulars also. Atbest it can start from Assessable Value(as base price),Duty, Sales Tax/VAT.

2. Concessional Forms monitoring module provided by ERPshould be fully utilized to monitor, collect forms andforward to respective Sales Tax controlling Zone.

3. Tax saving in logistics may be discussed with concernedTax functionaries before quoting to customers.

4. Discounts if any to be extended on prospective basis toavoid VAT under recoveries.


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ACTION POINTS

Usage of correct STOP CODE in deliveryorders

No open sales orders at the month end. Helps in correct payment of sales tax to Govt.

Immediate collection of declaration formsand forwarding to Zonal Tax.

Prompt response on pending declarations.


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INDIRECT TAX

Tax, which is levied on the goodsand services and indirectly borne

by the ultimate consumer i.e. levyon/payment byManufacturer/importer /Seller/service provider, and

recovery from theconsumer/service receiver.

TYPES OF INDIRECT


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TYPES OF INDIRECTTAXES

Excise duty on manufacturer

VAT on seller Central Sales Tax on seller Service Tax on service provider

Entry Tax / Octroi on purchaser Work Contract Tax on work contract Custom Duty on importer


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RATES OF INCOME TAX

For Companies :-

Income Tax Rate > 30%

Surcharge* >10%Education Cess > 2%

Higher Ed. Cess > 1%*In case the total income exceeds Rs. 1Crore, Surcharge shall be paid @ 10% onTax

(A) Direct Tax


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(B) Indirect Tax

Direct Tax is paid by the tax payer himself on hisincome/Wealth directly( Which includes deemedincomes) .

OMC pays following Direct Taxes:-

(i) Income Tax @ 33.99% (30%+10%+3%)

(ii) Wealth Tax @ 1% on the net wealth (excess of Rs1500000)

(iii) Dividend Distribution Tax @ 16.995% (15%+10%+3%)

(iv) Fringe Benefit Tax @ 33.99% on qualifying amount

(as per slide)(v) TDS on payments to Indian parties U/S 192,194A to194LA R/W Section 197


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E d / P f


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-Expenditure/ Payments for-Out of Pocket Expenses,-Furniture/ Computermaintenance

-Electricity for Office at House-Hotel/ Boarding LodgingExpenses

-Other Reimbursements

20% Actual Cost

Expenses on Office /Residential / Mobile Phones

20% Actual Cost

Entertainment 20% Actual Cost

Scholarship 50% Actual Cost

Medical Insurance Premium 20% Actual Cost

Sales Promotion Expenses 20% Actual Cost excludingStatutory / ProductAdvertisements /sponsorship in any massmedia,

RATES OF INCOME


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RATES OF INCOMETAX

For Individual :-

In case the total income exceeds Rs. 10 Lakhs,Surcharge shall be paid @ 10% on Tax.

In case of women individual the basic exemptionis 180000 and in case of Individual (Age above 65yrs) basic exemption is 2,25,000 instead of1,50,000 and other remain same.

Education Cess @3% will be applicable on incometax + surcharge.

Up to 1,50,000 NIL

1,50,000 3,00,000 10%

3,00,000 5,00,000 20%Above 5,00,000 30%

TDS R t


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TDS RatesNature of Payment

Section

Individual HUF/AOP/ BOI/ Firm Domestic Company

Income does not

exceed Rs.10,00,000/-

Income

exceeds Rs.10,00,000/-

Income does not

Exceed Rs. 1crore

Income

Exceeds Rs.1 crore

Interest on 'securities' (Debentures) exceeding Rs2,500

193 10.300% 11.330% 20.600% 22.660%

Interest other than 'intereston securities' exceeding Rs5,000

194 A 10.300% 11.330% 20.600% 22.660%

Payment under contractsvalue exceeding Rs 20,000 orCumulative Payment exceedingRs 50,000

194 C 2.060% 2.266% 2.060% 2.266%

Payment under subcontractsvalue exceeding Rs 20,000 orCumulative Payment exceedingRs 50,000

194 C 1.030% 1.133% 1.030% 1.133%

Payment for AdvertisementContracts exceeding Rs20,000 or CumulativePayment exceeding Rs100,000

194 C 1.030% 1.133% 1.030% 1.133%


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TDS RatesPayment for commission/ brokerage

over Rs 2,500194 D 10.300% 11.330% 10.300% 11.330%

Payment of Rent exceeding Rs.120,000 lakh in the F.Y. forplant and equipment

194 I 10.300% 11.330% 10.300% 11.330%

Payment of Rent exceeding Rs.120,000 lakh in the F.Y. forother land & building

194 I 15.450% 16.995% 20.600% 22.660%

Fees for Professional & TechnicalServices or Royalty (exceedingRs 20,000 in the F.Y.)

194 J 10.300% 11.330% 10.300% 11.330%

TAX COMPLIANCE AND


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TAX COMPLIANCE ANDCORPORATE GOVERNENCE

Appropriate deduction of income tax TDS as perIncome Tax Law.

Payment of Tax on due dates.

Return / statutory forms to be filed in theprescribed format on or before due date fillingup 100% data qualitatively.

PAN of all suppliers/ customers/service provider.

Registration number and proper legaldocumentation /classification of services by theservice provider and payment thereof by them tobe satisfied before reimbursement.

The duties and Taxes to be paid only on actuala ment a ainst ori inal documents.

CERTIFICATE FOR


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CERTIFICATE FORDEDUCTION AT LOWER

RATE

In case the total income of recipient

justifies the deduction of income-taxat lower rates or nil deduction ofincome-tax, as the case may be, theAssessee can make an applicationaccordingly to the assessing officerand obtain the certificate u/s. 197 ofI. T. Act, 1961.

REVENUE TAX PLANING


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REVENUE TAX PLANING Minimization of procurement cost

By availing Cenvat Credit on ExciseDuties/service tax paid on inputs. By availing VAT Credit Trade off between local purchase / CST

purchase By identifying labour and material cost

separately in work contract. Negotiation with non residents so as to make

them bear the Income TDS liabilities for costeffectiveness and win-win solutions in line withprovision of Double Taxation AvoidanceAgreement (DTAA).


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THANK YOU

tax for consumer sales oil and natural gas

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