Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Tax e-filing: New banks enabled for online tax payments via e-pay tax service Check the entire list of banks
 Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs
 ITR filing: Know the new Budget 2025 rules for filing updated income tax returns
 New Income Tax Bill 2025: What are expected changes and how will they affect you?
 From tax changes to capex growth 5 key expectations from Emkay Global for Indias economy
 Income Tax Returns: What are the consequences of not verifying your ITR within 30 days
 Income Tax: Want to update your ITR? You can file an updated tax return; Here s all you need to know
 ITR Filing 2024: How to check income tax refund status online using PAN card? A step-by-step guide
 ITR Filing 2024: Which Income Tax Regime Is Better For NRIs? Check Expert Inputs Here
 ITR filing 2024: How to check income tax refund status online? A step-by-step guide
 Income Tax Return: Why should you wait till June 15 to file your ITR for FY24?

Automatic service tax refund for exporters on anvil: CBEC
September, 21st 2011

In a move that will bring cheers to exporters, the government today said it was working on a system to automatically transfer service tax refunds in their accounts.

"We are at a very advanced stage of preparing a software which would provide refunds of service tax to exporters automatically, based on [pattern of] duty drawback. We would come out with it in the next 15-20 days," VK Garg, Joint Secretary in Central Board of Excise and Customs (CBEC), said at a PHD Chamber event here.

Currently, the duty drawback is directly credited to accounts of exporters maintained at customs houses, but exporters have to file claims separately to get service tax refunds. Exporters complain that many a times there are unusual delay in refund of the levy.

Welcoming the move, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said exporters would now get a faster refund of service tax.

"It will not only speed up the disbursement, but also reduce cost for exporters," he said.

FIEO is the apex body of Indian exporters.

Speaking at the PHD Chamber event, Garg also said that the CBEC was getting feedback on the draft "negative list" for service tax and another concept paper would be released next month after scrutinising the comments.

"We might come out with a fresh and improvised concept paper on the negative list of services post September 30, once the feedback arrives," he said.

Government levies the tax on limited number of services, but the ambit would increase significantly once the proposed Goods and Services Tax (GST) becomes operational.

The Finance Ministry recently released a draft paper on negative list of services. The negative list approach means that the services that are not included in it would be taxed.

Services like social welfare activities by NGOs, sale and purchase of securities, transportation by metered taxis and pre-school education, are in the draft negative list.

"The draft negative list is not cast in stone...There is no guarantee it will not increase," Garg added.

The new list, being prepared by the Finance Ministry, would be broad-based as it would take into account feedbacks, he added.

The government proposes to collect about Rs 82,000 crore from service tax this fiscal.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting