The government on Friday notified the RoSCTL scheme for textiles exporters and said the duty credit scrips under this support measure would be issued without insisting on realisation of the export proceeds.
On July 14, the Cabinet approved the continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme under which garment exporters will continue to get a rebate on central and state taxes on their outward shipments till March 2024.The notification said the adequate safeguard mechanism would be put in place for effective monitoring of realisation of the export proceeds.
“While the proposed scheme will be implemented on a revenue foregone basis, a budgetary control would be exercised through appropriate entries in the annual financial statement.
“To ensure that expenditure under the scheme does not exceed the allocation amount in a particular financial year, the expenditure and liability shall be reviewed on a quarterly basis,” it added. It said that for the purpose of audit and verification, the exporter would be required to keep records to substantiate their claims made under the scheme. And, the Central Board of Indirect Taxes and Customs (CBIC) would put a monitoring and audit mechanism, with an information technology-based risk management system.