NOTIFICATION NO.5/2018-UNION TERRITORY TAX (RATE), DATED 25-1-2018

SECTION 8 OF THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 – POWER TO GRANT EXEMPTION FROM TAX – EXEMPTION TO INTRA-STATE SUPPLY OF SERVICES BY WAY OF GRANT OF LICENSES OR LEASE TO EXPLORE OR MINE PETROLEUM CRUDE OR NATURAL GAS OR BOTH, FROM SO MUCH OF UNION TERRITORY TAX AS IS LEVIABLE ON CONSIDERATION PAID TO CENTRAL GOVERNMENT IN FORM OF CENTRAL GOVERNMENT’S SHARE OF PROFIT IN CONTRACT ENTERED INTO BY CENTRAL GOVRNMENT

NOTIFICATION NO.5/2018-UNION TERRITORY TAX (RATE)DATED 25-1-2018

In exercise of the powers conferred by sub-section (1) of section 8 of the Union Territory Goods and Services Tax Act, 2017 (14 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 intra-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 Union territory 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.

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