Integrated Tax Notifications (Rate)
IGST Notification rate 05/2018
| Title | Seeks to exempt Central Governments share of Profit Petroleum from Integrated tax |
| Number | 05/2018 |
| Date | 25-01-2018 |
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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.