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18 Nov 2015

Easy Dispensation of Refund Claims

Seeking the difficulties faced by exporter of service in getting refund claims under service tax, CBEC vide Circular 187/6/2015-ST dated 10.11.2015 has issued a scheme for fast track sanctioning of refund of accumulated CENVAT credit to Exporters of Service for payment of 80% (eighty percent) of the amount claimed as refund.

The scheme shall be applicable to Refund Claims filed on or before 31-03-2015 under Rule-5 of CENVAT Credit Rules, 2004 read with Notification No 27/2012 C.E. (NT).

Assesses are required to submit two additional documents for getting benefit of above given circular:

  1. A Certificate from Statutory Auditor (in case of companies); or A Certificate from any Chartered Accountant (in case of Non-Companies); (Annexure-I   Click Here )
  2. An undertaking that in case there is a difference between the amount provisionally paid and amount found to be admissible, assessee shall pay said differential amount along with applicable interest thereon. (Annexure-II   Click Here )

On receipt of above given documents, Jurisdictional AC/DC will make a provisional payment of 80% within five working days.

The Scheme would facilitate sanctioning of refund of CENVAT Credit on timely basis thereby reducing the working capital requirement of enterprises whose funds automatically gets stuck up in CENVAT Credit Chain and this would definitely aid in current government aim for ease of doing business.