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of <h1>Retrospective Service Tax Exemption on Government Profit Petroleum Payments Valid from April 2016 to June 2017; Refunds Available</h1> Section 107 of the Finance Act, 2018 provides a retrospective exemption from service tax on the Government's share of profit petroleum. It overrides Section 66B of the Finance Act, 1994, exempting service tax on payments to the Government for licenses or leases to explore or mine petroleum crude or natural gas from April 1, 2016, to June 30, 2017. Refunds of collected service tax are available if claimed within six months from the Finance Bill, 2018's presidential assent. Despite the omission of the relevant chapter, its provisions apply for the purpose of refunds as if it were still in force.
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