Tax treatment for mutilated non-serviceable hydrocarbon goods permits prescribed-rate tax on transaction value upon certification. The notification inserts petroleum and coal bed methane operations under HELP or OALP into the concessional rate table and adds a proviso allowing a recipient or transferee, at their option, to pay tax at the prescribed rate on the transaction value of goods disposed of in non-serviceable form after mutilation, provided they produce to the appropriate Deputy or Assistant Commissioner of Central or State tax a certificate from a duly authorised officer of the Directorate General of Hydro Carbons confirming the goods are non-serviceable and mutilated prior to disposal.
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.
Tax treatment for mutilated non-serviceable hydrocarbon goods permits prescribed-rate tax on transaction value upon certification.
The notification inserts petroleum and coal bed methane operations under HELP or OALP into the concessional rate table and adds a proviso allowing a recipient or transferee, at their option, to pay tax at the prescribed rate on the transaction value of goods disposed of in non-serviceable form after mutilation, provided they produce to the appropriate Deputy or Assistant Commissioner of Central or State tax a certificate from a duly authorised officer of the Directorate General of Hydro Carbons confirming the goods are non-serviceable and mutilated prior to disposal.
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