Seeks to exempt Central Government’s share of Profit Petroleum from Central tax. - 05/2018 - Karnataka SGST

FINANCE SECRETARIAT NOTIFICATION (05/2018) No. FD 48 CSL 2017, Bengaluru, dated: 25/01/2018 In exercise of the powers conferred by sub-section (1) of section 11 of the Karnataka Goods and Services Tax Act, 2017 (Karnataka Act 27 of 2017), the Government of Karnataka, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the intra-State supply of services by way of grant of license or lease to explore or mine petroleum crude or natural gas or both, from so much of the State tax as is leviable on the consideration paid to the Central Government in the form of Central Government's share of profit petroleum as defined in the contract entered into by the Central Government in this behalf. By order and in the name of the Governor of Karnataka, K.S. PADMAVATHI Under Secretary to Government, Finance Department (C.T.- 1).