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Indirect Tax Update - September 2021

Vasu Gupta • September 21, 2021

LAST DATE FOR SUBMITTING APPLICATIONS FOR SCRIP BASED FTP SCHEMES AND VALIDITY PERIOD OF DUTY CREDIT SCRIPS (MEIS, SEIS, ROSCTL & ROSL SCHEME)

Notification No. 26/2015-20 Dated September 16th, 2021

The Government has issued notification to provide that the last date of submitting applications under various schemes such as MEIS, SEIS, ROSCTL, ROSL etc. is revised to 31st December, 2021. This notification is issued in supersession of the existing provisions in the Hand Book of Procedures, 2015-20 with regard to last date for submitting online applications for scrip based claims.
 
After 31.12.2021, no further applications would be allowed to be submitted and they would become time-barred. It is to be noted that late cut provisions shall also not be available for submitting claims at a later date i.e. no application shall be allowed after 31 December 2021.

Further, it has been provided that the validity of any scrip issued under FTP on or after 16th September, 2021 shall be 12 months from the date of issue i.e. duty credit scrip must be utilised within 12 months from the date of issue.

The new late cut for applications submitted upto 31.12.2021 as indicated above shall be:
Scheme Period of exports / services rendered in the period Late Cut (as % of entitlement under the scheme)
MEIS FY 2018-19 (01-07-2018 to 31-03-2019) 10%
MEIS FY 2019-20 and FY 2020-21 (upto 31-12-2020) NIL
SEIS FY 2018-19 5%
SEIS FY 2019-20 NIL
ROSCTL 07-03-2019 to 31-12-2020 NIL
ROSL Upto 06-03-2019 NIL

Trust the above is useful.

Let us know in case any clarification/ information is required.
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