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Service tax on royalty: E&P companies face a heavy burden
Nov 10:
The CBEC in a recent circular on service tax liability on use of wireless spectrum stated that all periodic payments such as royalty on use of natural resources will attract 15% service tax.
8As per the circular, service tax will be applicable with retrospective effect from FY16.
8Upstream companies have decided to contest the levy and have already taken the matter to Oil Ministry and Ministry of Finance.
8This will create a massive liability for oil and gas industry
8Find out more on how this will impact the E&P industry.
Click on Reports to find out more
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8As per the circular, service tax will be applicable with retrospective effect from FY16.
8Upstream companies have decided to contest the levy and have already taken the matter to Oil Ministry and Ministry of Finance.
8This will create a massive liability for oil and gas industry
8Find out more on how this will impact the E&P industry.
Click on Reports to find out more
