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Coimbatore
Exporters thank FM for enhancing service tax refund
February 6, 2016
Tirupur Exporters’ Association (TEA) today thanked Union Finance Minister Arun Jaitley for the enhancement of service tax refund for export of knitwear garments from 0.18 per cent to 0.21 per cent, which it said, would help increase the competitiveness of knitwear garment exports.
In a press release, TEA president, A. Shaktivel said that the service tax refund for export of knitwear garments had been increased with effect from February 3 and was claimed as a percentage of the declared Free On Board (FOB) value of the said goods, on the basis of rates specified in the schedule.
The rate of service tax was increased from 12.36 per cent to 14 per cent in the last budget and thereafter to 14.5 per cent in November last, he said.
Exporters were continuously making representations to increase the refund of service tax in all memoranda, including that which was submitted to Prime Minister Narendra Modi during his visit to Coimbatore, he added.
