Govt moots revamping services exports scheme

The Ministry of Commerce & Industry is mulling a proposal to revamp the scheme for services exporters to make it more broad-based and foolproof – Service Exports From India Scheme (SEIS). According to some insiders, the policy could be incorporated in the new five-year Foreign Trade Policy (FTP), which will be effective from October 2021.
The proposal allows the exporters duty credit scrips at 5-7% of the net foreign exchange earned, depending on the nature of services. MOCI has also discussed with the exporters the feasibility of bringing in a tax refund scheme for services exporters in future, along the lines of the Remission of Duties and Taxes on Exported Products (RoDTEP).