Govt. notifies Last Date for Submitting Applications for Scrip based FTP Schemes and Validity Period of Duty Credit Scrips [Read Notification]

FTP Schemes - Duty Credit Scrips - Taxscan

The Government notified the last Date for Submitting applications for Script-based FTP Schemes and the validity period of Duty Credit Scrips.

The Government empowered under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 of the Foreign Trade Policy, 2015-20 and the enabling para 3.13 of the FTP, inserted the paragraphs in the Foreign Trade Policy 2015-20 with immediate effect.

Last Date of Submitting Applications for Script-based Schemes in supersession of the existing laid down provisions in the Hand Book of Procedures, 2015-20 with regard to the last date for submitting online applications for scrip-based claims.

The last date for submitting online applications stands revised to 31st December 2021 for the schemes i.e. for MEIS (for exports made in the period (s) 01.07.2018 to 31.03.2019, 01.04.2019 to 31.03.2020 and 01.04.2020 to 31.12.2020) for SEIS (for service exports rendered in FY 18-19 and FY 2019-20). iii. for 2% additional ad hoc incentive (under para 3.25 of the FTP-for exports made in the period 01.01.2020 to 31.03.2020 only), for ROSCTL (for exports made from 07.03.2019 to 31.12.2020), and for ROSL (for exports made upto 06.03.2019 for which claims have not yet been disbursed under scrip mechanism).

After December 31, 2021, no further applications would be allowed to be submitted and they would become time-barred. Late cut provisions shall also not be available for submitting claims at a later date.

The government while prescribing the validity period of script notified that in supersession of existing laid down provisions regarding the validity of a Duty Credit Scrip in Hand Book of Procedures (HBP) 2015-20, the new validity period of a Duty Credit Scrip issued on or after 16.09.2021 shall be 12 months from the date of issue, for scrip based Schemes under chapter 3 and chapter 4 of the Foreign Trade Policy (FTP) 2015-20 or the earlier FTPs.

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