NEW NORMS FOR SERVICE TAX REFUND TIME FRAME

Exporters can now expect to get service tax refunds well in time as the Central Board of Excise and Customs (CBEC) issued instructions to field formations to ensure timely and expeditious payment of refunds. A monitoring system has also been put in place. Any claim not finalized within 30 days from the date of filing will have to be reported by the concerned commissioner to chief commissioner. Also, any refund claim not finalized within 45 days has to be reported to CBEC. A special proforma has been given with the instructions for reporting any delay to the Chief Commissioner or the member (service tax) of CBEC. The board has also instructed field officers to make efforts to dispose of refund claims of small and medium exporters on a priority basis.