Exemption conditions for petroleum and mining goods clarified; disposal taxable on depreciated value with hydrocarbon agency certification required. The notification adds conditions requiring certificates that no foreign exchange remittance was made when transferees undertake transfers on behalf of licensees, lessees or foreign contractors, except where the transferee is an Indian company. It permits a recipient or transferee disposing exempted petroleum or coal bed methane goods to pay tax on the depreciated value upon producing a certificate from a duly authorised officer of the Directorate General of Hydrocarbons confirming the goods are no longer required, with depreciated value calculated by specified straight-line quarterly rates and subject to a maximum cap. Effective 1 July 2019.
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.
Exemption conditions for petroleum and mining goods clarified; disposal taxable on depreciated value with hydrocarbon agency certification required.
The notification adds conditions requiring certificates that no foreign exchange remittance was made when transferees undertake transfers on behalf of licensees, lessees or foreign contractors, except where the transferee is an Indian company. It permits a recipient or transferee disposing exempted petroleum or coal bed methane goods to pay tax on the depreciated value upon producing a certificate from a duly authorised officer of the Directorate General of Hydrocarbons confirming the goods are no longer required, with depreciated value calculated by specified straight-line quarterly rates and subject to a maximum cap. Effective 1 July 2019.
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