Wednesday, November 11, 2015

Government Sets 5-Day Timeline for 80% Service Tax Refund

Government Sets 5-Day Timeline for 80% Service Tax Refund

New Delhi: Seeking to fast-track service tax refund to exporters, the Central Board of Excise and Customs (CBEC) on Tuesday fixed a timeline for 80 per cent payment of the total amount claimed.

“On the receipt of the document… in respect of the pending case, the jurisdictional deputy/assistant commissioner… will make a provisional payment of 80 per cent of the amount claimed as refund within five working days of the receipt of the documents,” a CBEC circular said.

The move will speed up sanction of the refund accumulated CENVAT credit to exporters of the services, it added.

It is also clarified that the decision to grant provisional payment is an administrative order and not a quasi-judicial order and should not be subjected to review.

This payment of 80 per cent of the refund shall be purely provisional based on the documents above and without prejudice to the department’s right to check the correctness of the claim in terms of the relevant notification, it said.

On the CBEC move, Nasscom said the circular has reiterated granting 80 per cent upfront refund within a week and the balance 20 per cent on scrutiny of applications.

This is applicable to service tax refund claims filed under Rule 5 of the CENVAT Credit Rules, 2004 (CENVAT Rules) on or before March 31, 2015.

“This scheme is applicable to cases that have not been disposed of so far. A claimant on submission of statutory auditor certificate certifying refund eligibility in the prescribed format and an undertaking to repay with interest in the case of refund adjustment, will receive 80 per cent refund amount within five days,” it said.

Source: NDTV


Post a Comment

Now Trending

Holidays to be observed in Central Government Offices during the year 2020

Holidays to be observed in Central Government Offices during the year 2020 CENTRAL GOVERNMENT HOLIDAY LISTS 2020 F.No.12/1/20...


All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. Our blog "Central Government Staff news" accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog.

Links to other websites that have been included on this blog are provided for public convenience only.

The blog "Central Government Staff news" is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.

Any suggestions write to us