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of <h1>CBIC Clarifies GST Non-Taxability of 'Cost Petroleum' in Production Sharing Contracts; Defines Licensor-Licensee Relationship.</h1> The CBIC clarified the taxability of 'Cost Petroleum' under GST. In a Production Sharing Contract (PSC) between the government and oil contractors, contractors recover exploration and production costs from petroleum sales, termed 'Cost Petroleum.' The relationship is of licensor-licensee, not partners, and contractors operate at their own risk. Cost Petroleum is not taxable as a service to the government but may indicate the value of services provided within a joint venture. Various circulars clarify GST applicability on petroleum-related services and products, including exploration, mining, and manufacturing processes involving petroleum gases and derivatives.
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