More reports on: Government policies
Government notifies service tax refund on export of 18 goods news
03 January 2012

The government today issued a notification to provide average rates of service tax refund, ranging from 0.03 per cent to 0.20 per cent of the fob value of exports, covering a wide range of goods exported from India.

The notification, which forms part of the simplified scheme of export procedures, covers refund of service tax is in respect of 18 identified services used beyond the factory gate.

Finance minister Pranab Mukherjee had, while presenting the union budget for 20-11-12, proposed a simplified scheme for the refund of service tax paid on services used for export of goods on the lines of drawback of duties.

As in the case of payment of duty drawback, the service tax refund will be enabled by the Indian Customs EDI System resulting in the amounts getting directly credited into the exporters' bank accounts within a few days of confirmation of export without additional export documentation, the finance ministry said in a release.

Customs officers have separately been vested with powers of central excise/service tax officers for this purpose, the release said.

The scheme adds to the e-enabled service delivery to exporting community, limits public interface as well as reduces transaction costs in obtaining refunds, the release added.





 search domain-b
  go
 
Government notifies service tax refund on export of 18 goods