Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: articles on VAT and GST in India :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT RATES
 
 
Service Tax »
 Getting it wrong on GST
 GST: When does a service provider need to register across multiple states?
 GST Council to examine sectoral issues in August 5 meet
 Number of taxpayers under GST set to eclipse that of previous tax regime
 Goods and Services Tax will accelerate growth,
  Central Goods and Services Tax (CGST) Rules, 2017
 Goods bought with loyalty points will face tax under GST
 substitution of Service Tax by Goods and Services Tax (GST)
 Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do
 9 ways GST could impact home buyers
 Consumers hailed GST, but there's need for awareness'

Service tax refunds to exporters likely to be made easier, quicker
February, 21st 2009

Exporters will soon be able to get a large part of the service tax refunds due to them. Not only is the finance ministry set to simplify rules for applications for refunds, which will bring down the number of rejections, it is also planning to direct the central excise and service tax authorities to disburse 75% of the pending dues at once and clear the remaining within 30 days, a government official said.

The government is also considering doing away with the need to carry out various verifications, including proofs of exports by the field staff, and instead accept certificates given by chartered accountants on the same. The government levies a 12% tax on services.

This will be part of the series of steps being taken by the government for procedural simplification that would bring down cost of operations for exporters. With exports from the country taking a beating due to the global downturn, the government is exploring various ways to help the sector. The proposed move would release cash in the hands of exporters at a time when they are facing a financial crunch and payment problems from buyers.

According to a government official, the total amount pending to exporters in terms of service tax refunds is over Rs 2,000 crore. The finance ministry started allowing tax refunds on select services from October 2007. It now allows refunds on 19 services, including banking and other financial services, port services, transport of goods by road and railways, general insurance, technical testing & analysis, storage & warehousing, business exhibition services and specialised cleaning services.

However, exporters have been refunded very little of the amount as the rules for making claims are stringent. One of the rules slowing down refunds is the requirement of proof of realisation of export proceeds before making claims. Often there is a time lag between shipment sent and payment realised and hence there is an unwarranted delay.

Excise and service tax officials also ask exporters to prove that the services for which they are seeking refunds have been explicitly used for export activities. Often, this is difficult to prove.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions