Global Tax Guru: Duty credit scrips to be freely transferable and usable for payment of custom duty, excise duty and service tax.

what we do

We have specialization to provide advisory services on complex statutory Compliance and policy-related matters under areas of Logistics (Import & Export), Taxation (GST & Customs), Foreign Trade & Investment (DGFT), Food Safety (FSSAI), Weights & Measures (Legal Metrology), Wireless & Telecommunication Products (WPC) and Chartered Engineering services. Optimize your Supply chain as 4PL Company through our 3PL partners. Refund of duty/ credit/interest at Customs, GST and DGFT Appellate Service related to Customs, GST and Legal Metrology. Licenses and IEC from DGFT.

Thursday, April 02, 2015

Duty credit scrips to be freely transferable and usable for payment of custom duty, excise duty and service tax.

Duty credit scrips to be freely transferable
and usable for payment of custom duty,
excise duty and service tax.

(a) All scrips issued under MEIS and SEIS and the
goods imported against these scrips would be
fully transferable.

(b) Scrips issued under Exports from India
Schemes can be used for the following:-

(i) Payment of customs duty for import of
inputs / goods including capital goods,
except items listed in Appendix 3A.
(ii) Payment of excise duty on domestic
procurement of inputs or goods,
including capital goods as per DoR notification.

(iii) Payment of service tax on
procurement of services as per DoR notification.

(c) Basic Customs Duty paid in cash or through
debit under Duty Credit Scrip can be taken
back as Duty Drawback as per DoR Rules, if
inputs so imported are used for exports.