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August 2012

Service of foreign commission agent utilised for export of goods exempted — Notification No. 42/2012-ST, dated 29-6-2012.

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Chartered Accountants
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By this Notification, the service of a commission agent located outside India and used for the export of goods is exempted from service tax up to a value of 10% of the FOB value of the goods exported. However, the exemption is not available for the export of canalised item, project export, export financed under lines of credit extended by the Government of India or by EXIM Bank.

It is also not available for export by the Indian partner with equity participation in an overseas joint venture or wholly-owned subsidiary. The said Notification also contains the procedure in detail and the forms in which the exporter is required to inform Dy. Commissioner/ Assistant Commissioner of Central Excise regarding before claiming exemption.

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