State share of profit petroleum exemption from state tax on licensing and leasing for petroleum exploration and mining. Exempts the State Government's share of profit petroleum from state tax where that share is paid to the State as consideration under contracts granting licenses or leases to explore for or mine petroleum crude or natural gas; applies to intra State supply of services by way of such grants and is limited to the state tax leviable on the contractual share defined as profit petroleum.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
State share of profit petroleum exemption from state tax on licensing and leasing for petroleum exploration and mining.
Exempts the State Government's share of profit petroleum from state tax where that share is paid to the State as consideration under contracts granting licenses or leases to explore for or mine petroleum crude or natural gas; applies to intra State supply of services by way of such grants and is limited to the state tax leviable on the contractual share defined as profit petroleum.
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