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  • Services sector advances
  • Latest data shows signs of manufacturing recovery
  • New DeitY and Telecom Secretaries
  • ET Global Business Summit
  • Creating digital infrastructure
  • Govt. will take a call on Free Basics in Country's best interest, says Telecom Minister
  • Mobile Phone Production in India May Hit 500m in 2 Yrs.
  • Micromax goes global with competition rising at home
 
Policy Update
 
Commerce Ministry seeks service tax exemption for exports: To boost waning exports, the commerce ministry has suggested that exporters be exempted from payment of service tax in the coming Budget. Exemption from the levy could help in reducing transaction cost and boost exports, an official said. Currently, exporters pay service tax and then apply for its refund, which is a cumbersome process, according to exporters body FIEO. "First paying the service tax and then applying for refund increases transaction cost and time. Many times, small exporters do not apply for refund as it takes a lot of documentation and time," Federation of Indian Exports Organization DG Ajay Sahai said.

Speedy disbursal of pending Service Tax refund claims of exporters under rule 5 of the CENVAT Credit Rules, 2004 : CBEC has accorded primacy to speedy sanction of refunds in case of export of services. This initiative is not a substitute for the various notifications but is meant to complement them and is aimed at enabling ease of doing business.

The provision is applicable to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on date of the issue of this circular.

Jurisdictional Deputy/Assistant Commissioner is allowed to make a provisional payment of 80% (eighty per cent) of the amount claimed as refund, within five working days of the receipt of Certificate from the statutory auditor in the case of companies, and from a chartered accountant in the case of assesses who are not companies along with an undertaking.

For more information, please refer link: http://www.cbec.gov.in/resources//htdocs-servicetax/st-circulars/st-circulars-2015/st-circ-187-2015.pdf

ELCINA welcomes these decisions of CBEC and also Government initiatives towards Ease of Doing Business. ELCINA would like to request for more prominent and permanent steps to support manufacturing and exports.
 
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