As per the recent news from the sources, the Government will
introduce the new rebate scheme (i.e. Rebate of State and Central Taxes and
Levies – RoSCTL) against the current ongoing incentive scheme MEIS. This will
come into existence BCS of the United States appeal into the World Trade
Organization.
In this new scheme, the Government will reimburse the duties to
the exporters instead of providing export incentives. Reimbursements will
be done through a freely transferable scrip, which will be determined by the
duty drawback committee under the Department of Revenue. This committee will
take into account the non-refunded duties that exporters have to bear and based
on that it will derive a scrip rate for each export product. This process will
take place in a few phases as this is a very big makeover for the industry.
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