Exemption of Integrated Tax on Petroleum Exploration Services: Key Points
Legal Basis: Exemption granted under section 6 of the Integrated Goods and Services Tax Act, 2017.
Public Interest Justification: Exemption deemed necessary based on Council's recommendations.
Scope of Exemption: Inter-state supply of services involving license or lease for petroleum crude or natural gas exploration.
Tax Relief: Integrated tax exempted on consideration paid to Central Government as profit petroleum share per contract terms.
Issued By: Ruchi Bisht, Under Secretary to the Government of India.