Sale of MEIS licence is exempt or Nil rated? If it is exempt then do we need to reversal of input tax credit?

Reply- MEIS license is covered under (Duty credit scrips) HSN4907 and exempted from 13.10.2017 under S.No.122A Sch.. Before that it was taxable @ 5% under S.No.201A Schedule I.

Since it is exempt, there will be no GST on purchase of license and no need to reverse ITC.