This text is replaced by the Flash movie.
 
header
 
 
 
 
Track Your Container
 
 
 
Tax Refund for 18 Services Now Available Online 06 Jan 2012  
Tax Refund for 18 Services Now Available Online

Tax Refund for 18 Services Now Available Online

 

NEW DELHI, Jan. 5 the government has introduced a system facilitating online refund of tax for 18 services use beyond the factory gate for outbound shipment of goods.

 The Central Board of Excise and Customs (CBEC), through a notification, spelt out the average rates of service tax refund, ranging from 0.03 per cent to 0.20 per cent of the freight-on –board value of exports. Among the 18 services for which applicable are the ones provided by insurers, transporters form inland container depots to ports, and also by the ports.

The Finance Ministry had recently intimated that service tax refund would be credited directly into the accounts of exporters.

“As in the case of payment of duty drawback, the service tax refund will be enabled by the Customs Electronic Data Interchange (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,” it said.

Customs officials have been individually conferred with the powers of Central excise and service tax for this purpose. The scheme would limit public interface and also reduce transaction costs in obtaining refunds, the Ministry said.

“There will be reduced documentation once the facility to track status online will be available,” the Federation of Indian Export Organisations (Fieo) President, Mr. Ramu S. Deora, said in his reaction, adding that refunds through EDI would save transaction time as well as costs.

The Fieo President further made the point that persistent proactive steps undertaken by the government would help exporters sail through 2012 as they would be better equipped to face the numerous challenges arising out of the global economic crisis.

Currently, duty drawback is credited directly to the accounts of exporters maintained at Customs houses. However, exporters have to file claims separately in order to avail service tax refunds, resulting in refund delays due to the cumbersome paperwork involved.

 

(Source: Exim India Dt. 06.01.2012)

Back to News & Events
 
 
 
    Top  
  |  
 
turbo-charged by eCraft    |     powered by Precision