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of <h1>Retrospective Exemption from Service Tax on Government's Profit Petroleum Share per Clause 105 of Finance Bill 2018</h1> Clause 105 of the Finance Bill, 2018, provides a retrospective exemption from service tax on the Government's share of profit petroleum. This exemption applies to services related to the grant of licenses or leases for exploring or mining petroleum crude or natural gas, covering the period from April 1, 2016, to June 30, 2017. Any service tax collected during this period will be refunded, provided claims are made within six months of the Finance Bill's presidential assent. The provisions of Chapter V of the Finance Act, 1994, will apply retrospectively for processing these refunds.
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