Duty credit scrips as transferable export incentives for customs duty payment but not for penalty or interest settlement. Duty credit scrips issued as MEIS and SEIS under FTP 2015-20 are transferable instruments issued on FOB or net foreign exchange entitlements and may be used to pay Basic Customs Duty on imports (subject to appendix exclusions), for domestic procurement of certain excise liable items, and adjusted as Duty Drawback or CENVAT. Scrips cannot discharge penalties or interest payable in cash. Scrips may be debited for customs liabilities from authorisation defaults. Customs verification of backing shipping bills applies for non EDI filings; where electronic shipping bills exist but DGFT transmission was not simultaneous, verification is confined to a random small sample unless specific intelligence warrants full verification.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Duty credit scrips as transferable export incentives for customs duty payment but not for penalty or interest settlement.
Duty credit scrips issued as MEIS and SEIS under FTP 2015-20 are transferable instruments issued on FOB or net foreign exchange entitlements and may be used to pay Basic Customs Duty on imports (subject to appendix exclusions), for domestic procurement of certain excise liable items, and adjusted as Duty Drawback or CENVAT. Scrips cannot discharge penalties or interest payable in cash. Scrips may be debited for customs liabilities from authorisation defaults. Customs verification of backing shipping bills applies for non EDI filings; where electronic shipping bills exist but DGFT transmission was not simultaneous, verification is confined to a random small sample unless specific intelligence warrants full verification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
