Notification No. 05/2018
Date: January 25, 2018
Subject: Exemption of IGST on Central Government’s share of profit petroleum
Description:
This notification exempts inter-State supply of services by way of grant of licence or lease to explore or mine petroleum crude or natural gas from IGST, to the extent of consideration paid as the Central Government’s share of profit petroleum. The exemption applies only to the profit petroleum component as defined in the production sharing contract. The measure avoids double taxation on government revenue share.
Issued for earlier notification?
No — this is an independent exemption notification
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