Seeks to exempt Central Government’s share of Profit Petroleum from Integrated Goods & Services Tax (IGST)

G.S.R (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the inter-State supply of services by way of grant of license or lease to explore or mine petroleum crude or natural gas or both, from so much of the integrated tax as is leviable on the consideration paid to the Central Government in the form of Central Government’s share of profit petroleum as defined in the contract entered into by the Central Government in this behalf.

[F. No.354/13/2018 -TRU]

(Ruchi Bisht)

Under Secretary to the Government of India

Government of India
Ministry of Finance
(Department of Revenue)

Notification No. 5/2018-Integrated Tax (Rate)

New Delhi, the 25th January, 2018

 

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    I hope by reading this article you got enlighten on , CBEC exempts Central Govt’s share of Profit Petroleum from IGSTfurther to mention before taken any financial decision based on this content it is prefered to take an expert opinion as matter can be subjective.