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FIEO hails service tax waiver for payments in foreign currency

Our Bureau

New Delhi , Dec. 1

THE Federation of Indian Export Organisations (FIEO) has welcomed the move of the Finance Ministry to restore service tax exemption on all services rendered in India for which payment is received in convertible foreign currency.

In a statement, the FIEO President, Mr M. Rafeeque Ahmed, said that exporters, especially in tourism and healthcare sectors, would be immensely benefited from the withdrawal of service tax. With such an exemption, he held that service providers would be able to attract more consumers from abroad. The FIEO chief further said that this would also be helpful in reducing the transaction cost of the service exporters and will make Indian services more competitive internationally.

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