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of <h1>Hyderabad-IV Commissionerate Streamlines Service Tax Refunds with Direct Bank Transfers via NEFT/RTGS, Ending Cheque Issuance.</h1> The Hyderabad-IV Commissionerate has introduced a new facility to streamline the payment of service tax refund claims by directly transferring the refund amounts to exporters' bank accounts via NEFT/RTGS, eliminating the issuance of cheques. Claimants must provide a one-time authorization by June 30, 2016. The Service Tax Divisions will send a weekly statement and consolidated cheque to the State Bank of India for processing. The bank will deduct applicable charges and transfer the funds to claimants' accounts. This change aims to reduce paperwork and delays associated with the previous cheque-based system. From July 1, 2016, all refunds will be processed electronically.
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