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Services Export from India Scheme (SEIS)

Services Export from India Scheme focuses on the promotion of export services from India by providing export promotion benefits for suitable exports. Under this scheme, the government will give incentives ranging from 5% to 7% to all service providers. That is if they are providing to organizations located outside the country from India.

To be eligible for SEIS, service provider companies such as partnership firms and LLPs should have net foreign exchange earnings up to $15000 in the previous financial year. For individual service providers or proprietorships, the minimum earning is $10000 in the previous financial year. Their main goal is to maximize export and encourage notified services in India.

Singapore

Our tax experts can help you in Singapore with GST returns, for yearly filing of income tax for entities 9 (Form C and Form CS), for personal income tax returns, for calculating and filing of estimated income that is chargeable, Filing of yearly return with ACRA (both in non-XBRL and XBRL formats).

Duty Credit Scrip

Service providers will be eligible for a tax credit based on the net exchange rate earned. Tax credit scripts can be used to pay customs duties for failure to meet export obligations / EPCG, GST for service purchases, excise duties and so on.

Furthermore, the SEIS program has allowed relaxations based on the user’s actual circumstances and the tax credit code, and imported goods using the tax credit code are freely transferable. The mission credit will be valid for 18 months from the date it is issued. 

The scrips can be sold and utilized for-

  • Payments for additional and basic custom duties which is stated under sections 3 (5), 3(3) and 3 (1) of the customs tariff act,1974.
  • Payment for central excise duties in the domestic act of obtaining goods and services.
  • Payments for Basic and additional customs duties are stated under sections 3(1), (3) & (5) of the customs tariff act, of 1975 for importing goods.

The service providers that are eligible for claiming numbers for duty-free scrips are-

Communication services

Sound recording, radio and television services, radio and television transmission services, motion picture projection services, distribution and production of videotape services, motion pictures are some of the audio-visual services that can claim the benefit of duty-free scrips.

Travel-related and tourism services

These include tourist guide services, travel agencies, hotels and restaurants including catering and tour operator’s services. 

Other than these many services that are eligible for aiming duty-free scrips are transport services, recreational, sporting and cultural services, health-related social services, environmental services. In addition, there are educational services, construction related services and business services. However, there are foreign exchanges that are not considered for incentives. They are-

  • Remittances for foreign exchange other than those earned from a notified service will not be considered for incentives.
  • Other sources of foreign exchange such as loan payments or receipts, grants, dept or equity etc. In addition, any other foreign currency flow that is not related to the provision of services.

Documents that are required for SEIS Scheme are given below. The exporter needs to have the following documents-

  • The IEC number which should be printed in every invoice and also a copy of all the invoices is needed
  • The exporting company must present FIRC of funds received for services export
  • Valid IEC code (Import export code)

Procedure for applying to claim incentives under SEIS

  • The application for grant of duty credit scrip should be filed online using digital signature for a financial year on a yearly basis
  • The last date of applying for service exporters to claim incentives is 12 months before the end of the applicable financial year.
  • The applicant can choose Jurisdictional Regional Officer based on the Branch office address on IEC, head office, registered office, or corporate office for submitting applications.
  • The option for the selection of an officer should be determined at the beginning of a financial year.
  • Once the option has been selected, no changes will be allowed for claims relating to that year.

At AJSH, we believe that the services provided should not only serve national companies but also help companies transcend the borders of the national market. Before going global, some procedures and laws must be followed, and various registrations and licenses must be obtained. The Import and Export Code (IEC) is a requirement for imports and exports to and from India.

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