Scheme formulated for Speedy grant of refund of accumulated and unutilised CENVAT credit to help in ease of doing business by unlocking the accumulated credit.
Exporters of services today accumulate CENVAT credit on both input services and input goods as they are unable to set-off their input levies. Speedy grant of refund of accumulated & unutilised CENVAT credit will help in ease of doing business by unlocking the accumulated credit.
Central Board of Excise & Customs (CBEC) has declared this year as the “Year of Tax Payer Services”. In order to enable speedy grant of such refunds to the exporters of services, a scheme has been formulated whereby on submission of a certificate from the statutory auditor/Chartered Accountant as well as the claimant, a provisional payment of 80% of the claimed amount will be made within 5 working days.
This scheme will be applicable to all refund claims which are pending as on 31-3-2015 and have not been disposed of by way of a sanction order. Details of the scheme are contained in Circular 187/6/2015-Service Tax dated 10-11-2015 which can be accessed on www.cbec.gov.in