Streamlining the procedure for service tax refunds for exporters, government today linked it with electronic payment system and fixed the average rate at 0.03-0.3% of the shipment value. Exporters will be allowed automatic refund of service tax as the refund system has been synchronised with the Electronic Data Interchange (EDI). "The average rate of refund is in respect of 18 identified services used beyond the factory gate. This is being done to implement the simplified scheme," the Finance Ministry said in a statement.
Source : Business Standard
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