SNIPPETS 04 APRIL 2026

Rebate of State and Central Taxes and Levies (RoSCTL) Scheme: Launched: In 2019 by the Ministry of Textiles+ Aim: to zero-rate textile exports by rebating all embedded State and Central taxes and levies, not covered under any other scheme+ Mechanism: Rebates are issued as Duty Credit Scrips which can be sold or used to pay custom duty+ Government notifies extension of RoSCTL Scheme up to 30th September 2026.

Rice Whale: Rice whales are members of the baleen whale family Balaenopteridae+ With likely fewer than 100 individuals remaining, Rice’s whales are one of the rarest whales in the world+ Recognised as a distinct species in 2021, Rice’s whale is usually found in a narrow area in the northeastern part of the Gulf of Mexico+ IUCN Status: Endangered+ Rice’s whales are likely able to reproduce every 2 to 3 years, reach sexual maturity at age nine, and mate year-round.

General anti-avoidance rules (GAAR): India amended Income Tax Rules, 2026, under Income Tax Act, 2025, to exclude investments made before 1 April 2017,from GAAR+ Introduced via Finance Act 2012+ Aim to address aggressive tax avoidance+ Recommended by Parthasarathi Shome Committee+ Implementation: Tax authorities can trigger GAAR if an arrangement+ Lacks Commercial Substance+ GAAR applies only if annual tax benefit exceeds ₹3 crore