TMI BlogRegarding Exemption under Focus Market Scheme (FMS)X X X X Extracts X X X X X X X X Extracts X X X X ..... t a scrip by a person located in the taxable territory from the whole of the service tax leviable thereon under section 66B of the said Act . 2. Application. This notification shall be applicable to the Focus Market Scheme duty credit scrip issued to an exporter by the Regional Authority in accordance with paragraph 3.14 of the Foreign Trade Policy . 3. The exemption shall be subject to the following conditions, namely:- (a) that the scrip is issued against exports to the countries notified by the Government of India in Appendix 37C of the Handbook of Procedures, 1 [Volume I in terms of entitlement under paragraph 3.14.2 or against exports to the countries or regions specified in paragraph 3.14.4(e) or paragr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (xiii) the Sugar, of all types and in all forms; (xiv) Crude or Petroleum oil and Crude or Petroleum based products covered under ITC HS codes 2709 to 2715, of all types and in all forms; and (xv) the export of milk and milk products covered under ITC HS Codes 0401 to 0406, 19011001, 19011010, 2105 and 3501; 4 [(xvi) Export of Meat and Meat Products; (xvii) Export of Cotton; (xviii) Export of Cotton Yarn; (xix) Export which are subject to Minimum Export Price or Export Duty:] 3 [ Provided further that for the purpose of calculation of export performance or for computation of entitlement under paragraph 3.14.4 or paragraph 3.14.5 of the Foreign Trade Pol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (xviii) Cotton (for the paragraph 3.14.5 of the Foreign Trade Policy ); (xix) 6 [***] (xx) Export which are subject to Minimum Export Price or Export Duty (for the paragraph 3.14.5 of the Foreign Trade Policy );] (b) that the scrip is registered with the Customs Authority at the port of registration (hereinafter referred to as the said Customs Authority); (c) that the holder of the scrip, to whom taxable services are provided or agreed to be provided shall be located in the taxable territory; (d) that the holder of the scrip who may either be the person to whom the scrip was originally issued or a transferee-holder, presents the scrip to the said Customs Authority along with a letter and an invoice o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the scrip presents the scrip debited by the said Customs Authority within thirty days to the said Officer, along with an undertaking addressed to the said Officer, that in case of any service tax short debited in the scrip, shall pay such service tax along with applicable interest; (i) that based on the said written advice and undertaking, the said Officer shall verify and validate, on the reverse of the scrip, the details of the service tax leviable, which were debited by the said Customs Authority, and keep a record of payment of such service tax and interest, if any; (j) that the service provider retains a copy of the scrip, debited by the said Customs Authority and verified by the said Officer and duly atte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). (E) Scrip means Focus Market Scheme duty credit scrip issued to an exporter by the Regional Authority in accordance with paragraph 3.14 of the Foreign Trade Policy ; [F.No.354/55/2013-TRU] (Raj Kumar Digvijay) Under Secretary to the Government of India -------------------------- Notes:- 1. Substituted vide Notification No. 11 / 2013 - Service Tax June 13, 2013 , before it was read as, Volume I . 2. Substituted vide Notification No. 11 / 2013 - Service Tax June 13, 2013 , before it was read as, the Focus Market Scheme . 3. Inserted vide Notification No. 11 / 2013 - Service Tax June 13, 2013 4. Inserted vide Notification No. 17/2013-Service Tax dated December 26, 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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