Tax treatment for petroleum operations: option to pay a specified rate on non-serviceable goods with DG certification. The notification adds petroleum and coal bed methane operations under HELP or OALP to the rate schedule and inserts a proviso allowing the recipient or transferee, at their option, to pay tax at a specified rate on the transaction value for goods disposed of as non-serviceable after mutilation, provided they produce a certificate from a duly authorised officer of the Directorate General of Hydrocarbons to the jurisdictional Deputy or Assistant Commissioner of Central or State tax. The amendment takes effect from 1 October 2019.
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Provisions expressly mentioned in the judgment/order text.
Tax treatment for petroleum operations: option to pay a specified rate on non-serviceable goods with DG certification.
The notification adds petroleum and coal bed methane operations under HELP or OALP to the rate schedule and inserts a proviso allowing the recipient or transferee, at their option, to pay tax at a specified rate on the transaction value for goods disposed of as non-serviceable after mutilation, provided they produce a certificate from a duly authorised officer of the Directorate General of Hydrocarbons to the jurisdictional Deputy or Assistant Commissioner of Central or State tax. The amendment takes effect from 1 October 2019.
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