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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling

Service tax refund fails to cheer exporters
September, 19th 2007
The finance ministry has approved a list of services, including port-based and transport services, for which exporters will be refunded service tax. While the notification has come at a time when exporters are looking forward to all possible relief to help cope with the rising rupee, the announcement was actually made five months ago in the foreign trade policy in April.

Exporters, however, are not too impressed with the delayed sop. They say that a host of other services they avail of have not been included in the list. Moreover, the fact that the service tax would be refunded and not zero-rated or exempted implies it would add to the running around that exporters have to do, they contend.

According to a finance ministry statement, exporters will get a refund of the service tax they pay for transporting goods in major and minor ports, and from inland container depots to ports through rail and roads. The government collects 12% service tax along with 3% education cess on services.

Exporters already get refund of the service tax paid by them on input services used for exports. The drawback scheme also factors in service tax paid on input services used for exporting goods, the release added.

Expressing dissatisfaction with the notification, Federation of Indian Export Organisations (FIEO) president Ganesh Gupta said it did not meet the bonafide demand of trade and industry for zero-tax rate on exports.

FIEO added that important services such as commission to foreign agents, professional fee, foreign travelling expenses, bank charges on loans, courier services and participation in trade fairs have not been included in the notification.

Besides providing exemption from payment of tax on all services, the notification should be made applicable from the date on which such services were brought under the service tax net, Mr Gupta added.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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