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SERVICE EXPORT INCENTIVE SCHEME (SEIS) - Progressus
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SERVICE EXPORT INCENTIVE SCHEME (SEIS)
What is Service Exports from India Scheme (SEIS) Scheme
Under the framework of the SEIS Scheme, under implementation since 01.04.2015, service exporters for eligible service categories, are granted benefits in the nature of transferable Duty Credit Scrips as a percentage of Net Foreign Exchange earned on export of the eligible services in a financial year. The Duty Credit Scrips can be used Payment of Basic Customs Duty and certain other duties as listed in para 3.02 of FTP 2015-20
Pre-Requisites for Applying for SEIS Scheme
All eligibility criteria are outlined in FTP and HBP however salient ones are:
Should have an active IEC at the time of rendering services
Should have certain minimum earnings
Should have exported eligible services as notified in Appendix 3D/3E/3X (Appendix 3X will be applicable on claim for FY 2019-20 and Appendix 3D/3E will be applicable for other year claim)
Does not fall under ineligible categories as in Public notice 45 dated 05.12.2017
Services provided under Modes 1 and 2 only are allowed for claim for eligible services
Negative Net Foreign Exchange earnings (NFE) makes the entitlement under zero for the financial year
The DGFT have released its SEIS Notification 29 dated 23.09.2021 for the FY 2019-20 as attached herewith.
The salient feature of this scheme is as follows:
1. The Incentive rates have been reduced to 5% and 3% respectively for Professional services and Other services;
2. There is no Incentive on CPC 865 & CPC 866 – Management Consulting Services & Services related to Management Consulting, respectively;
3. There is no Incentive on CPC 8676 – Technical testing and analysis Services;
4. The scheme has total entitlement capped at Rs. 5 Crore per IEC for FY 2019-20;
5. The last date of submission and acceptance is set for Dated 31.12.2021; Post this the application will be time barred;
6. Facility to claim incentive on payments in INR is not allowed for FY 2019-20
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