Tuesday, November 15, 2011

EXPORTS OF 68 SERVICES MAY GET SERVICE TAX REFUND

Exports of as many as 68 services, including banking and asset management, will be eligible for refund of service tax.. The Central Board of Excise and Customs (CBEC) has order to streamline the process of sanctioning of refund claims arising on account of service tax on input services that have gone into exports of services, has sought public comments by November 30 on the draft circular. However, if the input service has made no contribution to exports and has been exclusively utilised for domestic operations, it would not be eligible to refund.

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