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SEIS

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SEIS in Brief

SEIS Duty Credit Scrip is awarded under the Service Exports from India Scheme of the Foreign Trade Policy 2015-20 (FTP) to service exporters who earn for their services in free foreign exchange.

Simply explained, "Duty Credit Scrips" are an alternate form of cash used only for purposes specified by the government like payment of customs duties etc.

It is provided with an objective to encourage export of services. The amount of award ranges upto 7% of net foreign exchange earned for the service sector depending upon various factors.

If you are a service provider located in India and if you provide services to foreign entities or clients you may be eligible to avail such reward scrips from the government based on certain criteria like- the type of service provided, how and where the service was rendered etc.

In a few cases such scrips are awarded even where no direct foreign exchange has been earned by the service provider but the payment received is treated as deemed foreign exchange under the provisions of FTP for SEIS. 

 

Features

Transferability:

The SEIS Scrip is freely transferable “duty credit scrip” and can be sold under the GST regime as “Nil rated supplies” (from13-Oct-2017 onwards). If a service exporter does not use the Duty Credit Scrip, he can sell it in market. 

Utilisation:

SEIS is similar to other duty credit scrips like MEIS, FPS, FMS or VKGUY in operation.

It can be used for payment of Basic Custom Duty, Safeguard Duty, Transitional Product Specific Safeguard Duty, and Antidumping Duty, for Items covered under GST.

For items not covered under the GST (specified in Fourth Schedule to Central Excise Act 1944 covering specified petroleum products, tobacco etc.), in addition to the Basic Custom Duty, Safeguard Duty, Transitional Product Specific Safeguard Duty and Antidumping Duty, scrips can also be used for payment of duties like central excise, CVD/ SAD. The scrips cannot be used for payment of any type of GST. 

Validity: 

24 months from the date of issue and must be valid on date of utilisation.

Treatment under GST: 

Currently the sale is treated as Nil Rated Supply under the GST provisions.

 

Prerequisites for Claim
 
1. Incentive is applicable only after the date of issue of IEC Certificate. One needs to have an Importer Ex[porter Code number at the time of rendering service.
2. Application for Incentive can be made after receipt of Registration Cum Membership Certificate (RCMC) from the Services Export Promotion Council (SEPC)

This incentive is not available to EOUs, units in EHTP, STPI & Bio Tech Parks etc. However SEZs are not excluded.

 

Services Eligible for SEIS Benefit

A vast range of services have been made eligible under the Foreign Trade Policy 2015-20  for availing this benefit. They are enumerated in Appendix 3D to the FTP. 

 

About Liaison Services Offered by Us

We are supported by a team of CAs, CS, MBAs and Law graduates and strive to prepare error proof and compliant applications for claim of the incentive. Our services include assistance in reply to queries and followup with authorities until receipt of positive outcome. We also take up matters under appeal. We work on success based fee structure as well as on fixed fee basis depending upon the clients requirement. 

We also buy and sell such duty credit scrips

 

Please {call now}, {emailor use the enquiry form 

to know more about our services or to buy or sell SEIS scrips.

 

Disclaimer:

The objective of this page is only to make our services known. To draw any kind of inferences the visitor should refer to all relevant government rules, regulations, acts, laws etc.

 

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