« Top Headlines » Open DEMAT Account in 24 hrs  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible  CBDT extends specified date for filing of various reports of audit for the Assessment Year 2025-26  Tax audit deadline nears: Will Finance Ministry grant an extension?  Are large income tax refunds getting delayed? Here s what you can do if you are yet to receive refund  MSME Form 1 for Enhanced Reporting in Tally Prime Silver «  Panel studies outcome budget... Settlement circumscribed?... » Confusion over service tax April, 21st 2007 Annual Supplement To Foreign Trade Policy: The Day After    A day after the Annual Supplement to the Foreign Trade Policy 2004-09 was unveiled, confusion prevailed over a key pronouncement related to service-tax benefits for the Indian exporters.    At a CII discussion today, Commerce Secretary Gopal K Pillai said service-tax exemption was only for goods export and not for the services sector.    The trade policy specifies that for all goods and services exported from India, services received, rendered abroad, wherever possible, shall be exempted from service tax.    The policy also provides for remission of service tax paid on goods and services which are exported from units in the domestic tariff area, export zones and software technology parks, among others.    The move to exempt service tax on exports had been welcomed by some service sector companies, in the belief that they stood to benefit too.    A finance ministry official expressed surprise over the service tax-related announcement in the policy. Goods are already exempt. We also have a scheme for exports of services. The principle of not exporting taxes is already upheld, he said.    The commerce ministry should tell us what the export-related services that are taxed are and the nexus (the transaction trail for them). In any case, none of this can be implemented without a notification.    Tax expert S Madhavan, leader, indirect tax practice, PricewaterhouseCoopers said the announcement was essentially a statement of intent, which needs further consultations.    The ministry is attempting to bring in a scheme similar to the drawback... to add on what already exists. Exports of goods have always been exempt and the benefit is taken... through drawbacks or excise exemptions. The scheme for exports of services is a year-and-half old. Refunds under this scheme will begin in a week.    A Directorate General of Foreign Trade (DGFT) official said the word services should not have been used in the foreign trade policy in the context of exports from India. This has led to some confusion, especially as the annual supplement document uses a slightly different language.    The DGFT official added the department was of the opinion that for most services to the services sector, no service tax is payable.    Hence a decision was taken to not to extend the benefits to them. But it seems that many services, which service sector companies receive for their exports, are being charged service tax. Hence, we have asked for a list of services which they receive and on which they are paying service tax, the official added.    A notification will be issued regarding this, but it would take time, as a process has to be followed, he said.