Seeks to exempt crude oil, produced either in fields under PSCs or in the Exploration blocks offered under NELP, from National Calamity Contingent Duty, which has been levied under Section 136 of the Finance Act, 2001 read with clause 161 of the Finance Bill, 2003 - 012/2003 - Central Excise - Tariff
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Exemption from National Calamity Contingent Duty for crude oil produced under PSCs and NELP blocks preserves tax relief. Notification exempts crude petroleum oils produced in specified Production Sharing Contract fields and in exploration blocks awarded under the New Exploration Licensing Policy from the National Calamity Contingent Duty. The exemption is granted under section 5A of the Central Excise Act in conjunction with the Finance Act provision and applies to petroleum oils and oils obtained from bituminous minerals, crude, originating in the listed PSC fields or NELP-awarded blocks.
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 from National Calamity Contingent Duty for crude oil produced under PSCs and NELP blocks preserves tax relief.
Notification exempts crude petroleum oils produced in specified Production Sharing Contract fields and in exploration blocks awarded under the New Exploration Licensing Policy from the National Calamity Contingent Duty. The exemption is granted under section 5A of the Central Excise Act in conjunction with the Finance Act provision and applies to petroleum oils and oils obtained from bituminous minerals, crude, originating in the listed PSC fields or NELP-awarded blocks.
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