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 given in this circular.