Retrospective service tax exemption on Government's share of profit petroleum allows refunds subject to an application deadline.

Exemption from service tax applies to the Government's share of profit petroleum received as consideration for grants of license or lease to explore or mine petroleum crude or natural gas for 1 April 2016 to 30 June 2017; no service tax shall be levied or collected on such consideration. Refunds are available for tax collected that would not have been collectible had the exemption been in force, subject to a six month claim period from assent of the Finance Bill, 2018, and the omitted Chapter V is deemed to apply retrospectively for refund purposes.

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