Service Exports from India
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Service Exports from India Scheme (SEIS):
Eligibility Criteria:
To qualify for SEIS benefits, service providers must meet the following eligibility criteria:
The service provider should be located in India.
Net foreign exchange earnings from notified services should be positive.
The applicant must have an active Importer-Exporter Code (IEC).
The service provider should have a minimum net free foreign exchange earnings of USD 10,000 in the preceding financial year.
SEIS Benefit:
Eligible service providers receive Duty Credit Scrips at the rate of 3% or 5% on their net foreign exchange earnings.
The rate of reward depends on the nature of the service provided and is specified in the SEIS schedule.
Duty Credit Scrips are transferrable and can be utilized for payment of various Central duties and taxes, including basic customs duty.
Apply for SEIS Benefits:
Obtain an active Importer-Exporter Code (IEC) from the Directorate General of Foreign Trade (DGFT).
Register on the DGFT online portal and fill in the required details.
Submit the online application along with necessary supporting documents.
The application is processed by the concerned regional authority of DGFT.
Once approved, Duty Credit Scrips are issued to the eligible service provider.
Compliance and Reporting:
Service providers need to comply with the regulations outlined in the Foreign Trade Policy.
Periodic reporting and submission of documents to the DGFT for scrutiny are essential to maintain eligibility.
Period of Admissibility:
The rewards under SEIS are applicable for export of services rendered on or after 01.04.2015, the date of notification of the Foreign Trade Policy 2015-20.
Utilization of Duty Credit Scrips:
Duty Credit Scrips issued under SEIS can be utilized for the payment of customs duties, including basic customs duty, on the import of goods.
Review and Renewal:
The SEIS scheme is subject to periodic reviews, and the government may revise the rates and conditions.
Service providers should stay updated with policy changes and renew their registration as required.
Benefits Beyond Duty Credit Scrips:
Besides the duty credit scrips, service providers may benefit from increased global competitiveness and enhanced market access.
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Required Document List
- IEC certificate.
- Audited annual accounts for the preceding three years.
- Foreign Remittance Certificate or Foreign Inward Remittance Certificate (FIRC) for each year.
- Bank certificate confirming the receipt of foreign exchange earnings.
- Service tax returns or GST returns filed with the authorities.
- Details of the foreign exchange earned through the eligible services.
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