Components of the Production Sharing Contract are exempt from Service Tax: CESTAT grants Relief to Hardy Exploration and Production (India) Inc [Read Order]

CESTAT has held that  “Cost Petroleum” and “Profit Petroleum” are inherent and embedded part of the Production Sharing Contract(PSC)
Components - Production - Contract - exempt - service tax - CESTAT - Relief to Hardy Exploration and Production (India) Inc - taxscan

Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has held  that Cost Petroleum and Profit Petroleum cannot be said to be a consideration flowing from the Government of India to the assessee and that the components of “Cost Petroleum” and “Profit Petroleum” are inherent and embedded part of the Production Sharing Contract( PSC…

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