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May 2012

Electronic refund of service tax paid on taxable services used for export of goods — Circular No. 156/7/2012-ST, dated 9-4-2012.

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Chartered Accountants
Reading Time 1 mins
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By this Circular it has been announced that a Committee has been constituted to review the scheme for electronic refund of service tax paid on taxable services used for export of goods, made operational vide Notification 52/2011-ST, dated 30th December, 2011.

 The Committee has been instructed, as a part of the review, to

(a) evolve a scientific approach for the fixation of rates in the schedule of rates for service tax refund; and

(b) propose a revised schedule of rates for service tax refund, taking into account the revision of rate of service tax from 10 to 12% and also movement towards ‘Negative List’ approach to taxation of services. The Committee will submit its report before 20-6-2012. Views and suggestions may be posted at the e-mail address: feedbackonestr@gmail.com.

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