The system provides exporters with a duty credit scrip for the value of embedded taxes and levies in the exported goods.
Garment exporters will continue to get a tax rebate on their outbound shipments after the government authorised the continuation of the RoSCTL programme through March on Wednesday.
The Union Cabinet has approved the continuance of the Rebate of State and Central Taxes and Levies (RoSCTL) Exporters are awarded a duty credit scrip for the value of embedded taxes and levies in the exported goods under this programme. This scrip can be used by exporters to pay basic customs tax on the import of equipment, machinery, or any other input.
Home textile goods such as bed linen, curtains, pillows, and carpets are included in the made-up category. The cabinet also approved a proposal to offer Rs 1,624 crore in subsidies to Indian shipping companies in worldwide bids issued by ministries and CPSEs for the purchase of government cargo over a five-year period. According to the statement, registration must be completed online within 72 hours, which would make it easy and attractive to register ships in India.
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