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Indian Exporter Service
If the services are exported, the Cenvat credit is not required to be reversed. Assessee can utilise credit for payment of service tax on other services. However, if this is not possible, he can get refund. There is drafting mistake in rule 5 of Cenvat Credit Rules. The rule says that ‘manufacturer shall be allowed refund’. Actually, the words should have been ‘manufacturer or provider of output services shall be allowed refund’. However, subsequent rules envisage that rebate can be obtained both by manufacturer as well as service provider. Basic principle of taxation is that ‘goods and services should be exported, taxes are not to be exported’. Another principle is that service tax can be levied only if service is provided or received or consumed in India.
Export services from India comprise Loading, Transportation, Assessment, Appraising examination of Shipping bill & related custom documentation in India & at export of distinction examination and trucking of the consignment right up to the final destination. We also offer the best rates, With our strategically situated warehouses its also possible to Consolidate/Palletize/Repack a shipment and also stuff containers within our premises before the goods are delivered at the port cnesbau-export.com |
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Meaning of ‘export of Service has been defined in Export of Service Rules, 2005.
India's export of services is expected to touch $310.9 billion by 2011/12, powered by the booming software, consultancy, engineering and tourism sectors, according to the Federation of Indian Chambers of Commerce and Industry survey. Services exports could surpass merchandise exports, which are expected to more than double to $305.5 billion in the next five years. |
Indian Exporter Highlights:
- India exported goods worth $112.4 billion during 2005/06 while export of services was $71.6 billion.
- Indian services exports are estimated to reach $91.5 billion this fiscal, and merchandise exports to hit $132.7 billion.
- India's service exports grew at 28% annually for the last five years, faster than the 22% growth in goods exports during the same period.
- Software services was the highest foreign exchange earner at $21.8 billion during April-December 2006, followed by business and management consultancy at $16.5 billion and travel services at $6.4 billion.
In terms of share in worldwide services exports, India is going to almost triple its share from the current 2.3% to 6% by 2012, FICCI noted. While China ’s exports of commercial services at $74 billion are now more than that of India but India ’s exports of commercial services would cross that of China in 2009 - the average annual growth rate of services in China is 19% for the past five years.
By 2013 India ’s commercial services exports could be some $100 billion higher than that of China . The commercial services exports from China are projected to be around $300 billion while that from India would be $397 billion by 2013.
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