MEIS will be replaced with a new scheme ROSCTL

Rebate of State and Central Taxes and Levies - ROSCTL

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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