Tax exemption for State share of profit petroleum excludes State tax on consideration for exploration and mining leases. Exempts from State tax the intra State supply of services by way of grant of license or lease to explore or mine petroleum crude or natural gas to the extent the consideration paid to the State Government constitutes its share of profit petroleum as defined in the contract between the State Government and the contractor.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for State share of profit petroleum excludes State tax on consideration for exploration and mining leases.
Exempts from State tax the intra State supply of services by way of grant of license or lease to explore or mine petroleum crude or natural gas to the extent the consideration paid to the State Government constitutes its share of profit petroleum as defined in the contract between the State Government and the contractor.
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