RoSCTL Scheme Has Been Approved

The RoSCTL scheme, which was announced in 2019, provides exporters with a duty credit scrip for the value of the embedded taxes in their exported products.
Sheena

Updated: Jul 17, 2021 06:08:47 pm

17 July 2021 Current Affairs:The government has approved the continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) on Apparel/Garments and Made-ups Export.

Highlights:
♦ The Centre has extended the RoSCTL Scheme on apparel and garment exports for another three years.
♦ The move significantly lowers the price of Indian products in the global market because manufacturers no longer have to include the cost of state and central taxes.
♦ The center clarified that textile products not covered by RoSCTL should be eligible for benefits under the RoDTEP scheme

About RoSCTL Scheme:
♦ Exporters will receive duty credit scrip with levies and embedded taxes contained in exported products under the RoSCTL scheme. Exporters can use this scrip to pay taxes when importing equipment and machinery.
♦ Should not export taxes and duties is a globally recognized principle in order to create a level playing field for exporters in the international market.
♦ Recognizing the significance of refunding embedded taxes, cesses, and duties, the Ministry of Textiles first introduced the Rebate of State Levies (ROSL) scheme in 2016.
♦ The RoSCTL scheme, which was announced in 2019, provides exporters with a duty credit scrip for the value of the embedded taxes in their exported products.
 
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