The GOI provides 3% to 5% incentives to all eligible service exporters who offers services from India to other countries. We help service exporters to get SEIS benefits under SEIS scheme (Service Exports from India Scheme)
SEIS Scheme India and ( MEIS Scheme )has been introduced in India in 2015 and is valid for 5 years i.e. from 2015-20. This scheme has been introduced as the part of the New Foreign Trade Policy 2015-20 and replaces the Service from India Scheme (SFIC) which was applicable earlier.
Service Providers of notified services must be located in India. The (Company / LLP / Partnership Firm) should have a minimum net free foreign exchange earnings of USD15000 in the preceding financial year. For proprietorships or individual service providers, a minimum net foreign exchange earnings of USD10,000 should be there in the preceding financial year. Service provider must have an active Import Export Code (IEC) at the time of rendering such services for which rewards are claimed.
Duty credit scrips are used for the payment of custom duties, excise duties, service tax. It is freely transferable. Scrip would be valid for a period of 24 months from the date of issue.
Interlink Capital headquartered in Pune provides pan India SEIS services. We help you in the filing of online application of grant of the scrips. We also check the eligibility. We help the client in the process of documentation and application of the schemes. Further interlink helps in receiving the Scrips and the process of port registration and monetization of these Scrips. The last date for filing an application for claiming incentives for service exporters under this scheme is 12 months from end of relevant financial year.
Our Service Export Consultants not only assist clients with SEIS procedure but also in getting the best possible SEIS benefits in the form of incentive and help them in negotiating and getting the best possible deal for the company.
Service Providers of notified services, located in India, is eligible to be rewarded under SEIS. Services rendered in the manner as per Para 9.51(i) and Para 9.51(ii) of the Foreign Trade Policy 2015-20 shall only be eligible.
Such service provider should have minimum net free foreign exchange earnings of US$15,000 in the year of rendering the services to be eligible for Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in financial year when the services have been rendered.
Only services that are notified and listed in Appendix 3D are eligible for the benefits.
The rate of reward applicable to the notified services are listed in Appendix 3D
Net Foreign Exchange Earnings = Gross Earnings of Foreign Exchange minus Total expenses / payment / remittances of Foreign Exchange by the IEC holder, relating to service sector in the Financial year.
Yes, to claim reward Service provider should have an active IEC at the time of rendering such services for which rewards are claimed.
Yes, payments received in Indian Rupees on specified services, shall be treated as receipt in deemed foreign exchange as per guidelines of reserve bank of India. In Appendix 3E a list of such services is listed.
Foreign Exchange Remittance earned outside the notified services listed in Appendix 3D would not be counted for entitlement. Therefore, other sources of foreign earnings, such as Debt or equity participation, receipts of repayment of loan, Donations etc any other inflow of foreign exchange, unrelated to rendering of service, would be ineligible.
Services rendered on or after01.04.2015. (date of notification of foreign trade policy 2015-2020) shall be admissible for reward under SEIS scheme.
Goods imported against Duty Credit Scrips shall be freely transferable. and are usable for payment of Customs Duty (BCD), Anti-Dumping Duty (ADDs) and Safeguard Duties. The scrips cannot be used for payment of IGST (Integrated Goods and Services Tax) and GST compensation cess in imports, and CGST, SGST, IGST and GST compensation cess for domestic procurement
If the IEC holder is a manufacturer of goods as well as service provider, then the foreign exchange earnings and payment / Total expenses / remittances shall be taken into account for service sector only
The SEIS scheme takes 3 Working Days to process the claim. However, in case there are any deficiencies / discrepancies in the file then the process may take longer.
Yes, subject to certain limitations and late cut applicability you can claim reward for previous year.
No, Only one application every year.
Through form ANF 3B we will classify your eligible services as per Appendix 3D and help you claim the incentives accordingly.
If you are a service provider SEPC and RCMC is compulsory to avail SEIS incentives. If you are a manufacturer and a service provider, then RCMC from the relevant export promotion council is required, that is associated to your line of business.
Scrips issued on or after 01.01.2016 under chapter-3 shall be valid for a period of 24 months from the date of issue and must be valid on the date on which actual debit of duty is made.
Yes, however unregistered scrips attract lesser rate, due to additional process burden on the buyer.
For example the face value of a scrip is Rs.1000 and it is being sold at a price of say Rs.950. You can now utilize it at customs while importing goods at a 100% face value of Rs.1000 and save Rs.50. [Note: Prices quoted above are for illustration purpose only. Actual prices offered for the scrips are dynamic and are based on technical and market factors.]
Duty credit scrips are typically sold at a discount. Say the face value of a scrip is Rs.1000 and it is being sold at a price of Rs.950, you save Rs.50 if you use that scrip during payment of duty during imports. If you buy scrip of a face value of Rs.10,00,000 at Rs.9,50,000, and you want to import goods which have a customs duty on them of say Rs.5,00,000, you will be able to pay the entire Rs.5,00,000 of the customs duty through your scrips. So, in this case you save Rs.50,000 by buying scrips. [Note: Prices quoted above are for illustration purpose only. Actual prices offered for the scrips are dynamic and are based on technical and market factors.]
No, you cannot return unutilized/balance value. However, you can use the balance value to offset customs duty on other imports, or you can sell the unutilized portion of scrip.
Every scrip that is traded on Interlink Capital goes through thorough inspection and check at various levels of SEIS DGFT,Customs etc. Interlink capital does not trade in a scrip that fails a check at any level.
Interlink Capital only sells registered Duty Credit Scrips.