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Revision of approval norm for service exports likely.
(From Business Line)
Byline: K. R. Srivats
New Delhi, May 30 - FIRST, the good news for trade and industry: The Finance Ministry has agreed to review the stipulation that requires trade and industry to get approval from the Revenue Department before exporting services.
The approval is necessary if the industry has to avail itself of credit on inputs used in the export of services. Exporters of services are now required to declare the inputs used in the export of services.
"Industry's suggestion on this matter would be looked into. We will see what can be done without jeopardising the interests of the revenue," a senior Finance Ministry …
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