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Question
Q. Consider the following statements:
Select the correct answer using the codes given below:
Q. Consider the following statements:
Select the correct answer using the codes given below:
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Solution
The correct option is A 1 only
Explanation:
Statement 1 is correct: Duty credit Scrips or “Scrips” are nothing but incentives/rewards which are given to the eligible exporters at a notified rate. Service providers of eligible services are entitled to duty credit scrip at notified rates on the net foreign exchange earned by the Service providers.
Statement 2 is incorrect: These credit Scrips are valid for a term of 18 months from the date of its issuance.
Statement 3 is incorrect: These Scrips cannot be utilized for paying Integrated Goods and services tax (IGST) and GST Compensation Cess (if applicable) on import of goods.
Explanation:
Statement 1 is correct: Duty credit Scrips or “Scrips” are nothing but incentives/rewards which are given to the eligible exporters at a notified rate. Service providers of eligible services are entitled to duty credit scrip at notified rates on the net foreign exchange earned by the Service providers.
Statement 2 is incorrect: These credit Scrips are valid for a term of 18 months from the date of its issuance.
Statement 3 is incorrect: These Scrips cannot be utilized for paying Integrated Goods and services tax (IGST) and GST Compensation Cess (if applicable) on import of goods.
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