Reliance Industries, Bharat Forge, Bajaj Auto and other exporters will now be able to receive electronic refund of service tax they pay on input services used by them in goods exported. The finance ministry has unveiled a new scheme to refund service tax to exporters on the lines of duty drawback scheme for tangible imports used to produce goods. "The scheme will help the exporter to get the refund in simpler and quicker way," said SK Goel, chairman, Central Board of Excise and Customs. The fixed rate of refund would range from 0.03% to 0.20% of the freight on board value of export for a wide range of goods exported from India.
Source : Economic Times
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