Under the latest Foreign Trade Policy (FTP) 2015-2020 a new scheme called Service Exports from India Scheme (SEIS) is introduced to encourage export of services from India.
An incentive of (in the range of 3 to 5%) of the Net Foreign Earning is granted to eligible service providers. Such incentive under the scheme is given in the form of Duty Credit Scrip, which is freely transferable. The scrip so rewarded under this scheme shall be valid for a period of 18 months from the date of its issue.
The SEIS scheme can be availed by all type of Service Providers located in India (i.e. Companies, Partnership, Proprietorship etc.) in India which are exporting services in the form of cross border trade and Consumption abroad. Indian Subsidiaries of Foreign Companies will also be eligible.
Such Service providers need to have Import Export Code (IEC) and must take a membership at Service Export Promotion Council (SEPC). The companies should have minimum Net Free Foreign Exchange Earnings of USD 10,000 (Individual & Sole Proprietorship Firms), USD 15,000 (Others e.g. Companies, LLP) in preceding financial year. SEIS is also available for business units located at different Special Economic Zones (SEZ).
Application to claim the benefit must be filed before 12 months from the end of relevant financial year of claim period. The SEIS scheme will remain effective until 31st of March, 2020.
We are a boutique consulting firm, focusing on International Businesses in India. In order to avail maximum benefit under this scheme, Excelor India Consulting undertakes end to end activates:
- Assess the eligibility and also the exact category to avail maximum benefit
- Review of available information, documents and suggest
- Assist in completing the documentation, prepare the application, file online
- Follow up with Department to expedite the process of issuance of scrip.
- Connecting with buyers of the Scrip, if the same cannot be utilized by the client.
Should you require any further information or any clarification etc, please write to Shashi Mohan at email@example.com or call us at +91 9818 700482
Keyphrases: Doing business in India, Export of Services from India,