New Delhi, Nov 12 (KNN)  The Ministry of Finance has formulated a scheme 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 and unutilised CENVAT credit will help in ease of doing business by unlocking the accumulated credit,” an official release said on Tuesday.

Under the CENVAT Scheme, a manufacturer of final product or provider of taxable service will be allowed to take credit of duty of excise as well as of service tax paid on any input received in the factory or any input service received by manufacturer of final product.

Central Board of Excise and 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 per cent 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.  (KNN Bureau)