Avail Incentives from Service Exports from India Scheme

Introduction of Service Exports from India Scheme to increase the export of goods and services from India by offering duty scrip credit for validating exports. India based service providers who are registered under SEIS scheme India Scheme will be benefited from rewards. The main aim of organizations under this scheme is to increase the economy of a country and enhance the gross domestic product.

Eligibility under Service Exports from India Scheme

• Only Indian based service providers are qualified for notified services for Service Exports from India Scheme.
• To quality for issuing duty credit scrip service providers comprising of Company / LLP / Partnership Firm should attain minimum net free foreign exchange earnings of USD15000 in the previous accounting year.
• In case of proprietorship or individual service providers qualifying criteria is that they must yield minimum net foreign exchange earnings of USD10, 000 in the previous accounting year.
• While claiming rewards only after obtaining Import Export Code the service provider will be eligible to entitle benefits under Service Exports from India Scheme.

Issuance Duty Credit Scrip

• Usually duty credit scrip is granted to Service providers under Service Exports from India Scheme who are permitted for the same at net foreign exchange earned.
  • Scope of Duty Credit Scrip includes the payment of customs duties, excise duties, service tax on procurement of services, custom duty in case of an error in fulfillment of export compulsion under Advance Authorization/EPCG and so on.
  • Service Exports from India Scheme offers less burden to users of credit duty scrip 
  • Products imported by issuing duty credit scrips could be freely convertible.
  • Commencing from the date of issue the time limit for the validity of duty credit scrip is 18 months.

Foreign Exchange or Payment Disqualified under SEIS Scheme

• Under Service Exports from India Scheme only those Foreign exchange remittances will be considered who are notified as service providers.
  • Qualified income for foreign exchange includes such as equity or debt participation, donations, receipts of repayment of loans and so on.
  • Inflow of foreign exchange irrelevant to the rendering of service Under Service Exports from India Scheme would be ineligible.

Service exports from India schemes offer incentives to the exporters while exporting goods, it is an initiative by the Government of India to increase trade and international business. The focus of an organization is to work for benefits attached with the Issuance of Import export code that will improve the selling capacity of a business. ASC helps you in complying and advisory over Service exports from India schemes.