The document discusses India's Service Export from India Scheme (SEIS), which provides export incentives for Indian service providers. It summarizes that the US filed a WTO case against India's export incentive schemes, but SEIS was not challenged. It also outlines the key details of SEIS, including eligible services and rates, eligibility criteria, application process and deadlines. The Commerce Minister of India has proposed discontinuing SEIS in its current form and targeting support for sectors like tourism instead of large profitable companies.
RSM India - Service Tax Regulations In India-An Insight (2013)RSM India
This publication by RSM India group (dated September 2013) intends to provide a broad overview of Service Tax Regulations prevalent in India and primary assistance to those transacting service business in India.
AGRICULTURAL INCOME
Sec.10(1) exempts Agricultural Income from Income-Tax. Bu virtue of Sec.2(1)a the expression “Agricultural Income” means : •Any Rent or Revenue derived from Land which is situated in India and is used for
agricultural purposes. [Sec. 2(1A)(a)] •Any income derived from such land : Use for Agricultural purposes ; or Used for agricultural operations means- irrigating and harvesting , sowing, weeding, digging, cutting etc. It involves employment of some human skill, labour and energy to get some income from land Condition-1 : Income derived from Land
Condition-2 : Land is used for Agricultural Purposes
Condition-3 : Land is situated in India
PERSON:
Income-tax is charged in respect of the total income of the previous year of every person. Hence, it is important to know the definition of the word person. As per section 2(31),Person includes:
an Individual
a Hindu Undivided Family (HUF)
a Company
a Firm
an Association of Persons or a Body of Individuals (BOI) whether incorporated or not
a Local Authority
every Artificial, Juridical person, not falling within any of the above
Zinnov Management Consulting provides an insightful comparison between Special Economic Zones (SEZ) and Software Technology Parks (STP) in the current Indian Landscape
Goods And Services Tax (GST) will be due to implement on 1 April 2014. Many enterprises still unsure how the GST carry out. Through these slide presentation will be guide you on how to prepare your business toward the get ready and deep understand the impact of the GST toward your business
The snippet covers judgements on inter corporate loans, issue of shares and indirect transfers.
The 3 topics have been most debated over past few years and it becomes imperative to keep a track of most recent rulings on the same.
A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority". Taxes consist of direct taxor indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid labour). India has a well developed taxation structure. The tax system in India is mainly a three tier system which is based between the Central, State Governments and the local government organizations.
Why singapore and mauritius are preferred investment destinationsDVSResearchFoundatio
OBJECTIVE
Singapore’s robust economy, highly-educated workforce, excellent connectivity, and high standard of living offer businesses the ideal landscape to invest with confidence. Similar, the case for Mauritius where a stable system and skilled workforce are available.In this webinar, we will be having insights about why Singapore and Mauritius is considered as one of the preferred investment jurisdictions.
We provide consultancy and render our services for availing incentives/benefits available against export & Import of Goods and Services.We are professional consultant on Foreign Trade Policy, providing result oriented services to our valued clients relating DGFT , Customs and Exicse.
RSM India - Service Tax Regulations In India-An Insight (2013)RSM India
This publication by RSM India group (dated September 2013) intends to provide a broad overview of Service Tax Regulations prevalent in India and primary assistance to those transacting service business in India.
AGRICULTURAL INCOME
Sec.10(1) exempts Agricultural Income from Income-Tax. Bu virtue of Sec.2(1)a the expression “Agricultural Income” means : •Any Rent or Revenue derived from Land which is situated in India and is used for
agricultural purposes. [Sec. 2(1A)(a)] •Any income derived from such land : Use for Agricultural purposes ; or Used for agricultural operations means- irrigating and harvesting , sowing, weeding, digging, cutting etc. It involves employment of some human skill, labour and energy to get some income from land Condition-1 : Income derived from Land
Condition-2 : Land is used for Agricultural Purposes
Condition-3 : Land is situated in India
PERSON:
Income-tax is charged in respect of the total income of the previous year of every person. Hence, it is important to know the definition of the word person. As per section 2(31),Person includes:
an Individual
a Hindu Undivided Family (HUF)
a Company
a Firm
an Association of Persons or a Body of Individuals (BOI) whether incorporated or not
a Local Authority
every Artificial, Juridical person, not falling within any of the above
Zinnov Management Consulting provides an insightful comparison between Special Economic Zones (SEZ) and Software Technology Parks (STP) in the current Indian Landscape
Goods And Services Tax (GST) will be due to implement on 1 April 2014. Many enterprises still unsure how the GST carry out. Through these slide presentation will be guide you on how to prepare your business toward the get ready and deep understand the impact of the GST toward your business
The snippet covers judgements on inter corporate loans, issue of shares and indirect transfers.
The 3 topics have been most debated over past few years and it becomes imperative to keep a track of most recent rulings on the same.
A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority". Taxes consist of direct taxor indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid labour). India has a well developed taxation structure. The tax system in India is mainly a three tier system which is based between the Central, State Governments and the local government organizations.
Why singapore and mauritius are preferred investment destinationsDVSResearchFoundatio
OBJECTIVE
Singapore’s robust economy, highly-educated workforce, excellent connectivity, and high standard of living offer businesses the ideal landscape to invest with confidence. Similar, the case for Mauritius where a stable system and skilled workforce are available.In this webinar, we will be having insights about why Singapore and Mauritius is considered as one of the preferred investment jurisdictions.
We provide consultancy and render our services for availing incentives/benefits available against export & Import of Goods and Services.We are professional consultant on Foreign Trade Policy, providing result oriented services to our valued clients relating DGFT , Customs and Exicse.
Import Export Consultancy & License Services in one roof :- for Import & Export Incentives, DGFT, Custom, Central Excise, Service Tax, Goods & Service Tax (GST), Full Guidance on all Types of Letter of Credits, Certificate Courses, Apeda, GSP, RCMC, Training Programs ,Seminar and Workshop On Export Documentation and Costing, Import Documentation & Customs, Banking, Finance and Exchange Rate Mechanism And Letter of Credit, Foreign Trade Policy and Handbook of Procedures (FTP-2009-14, FTP-2015-2020),Complete Overview of Goods and Service Tax (GST), Export & Import Related GST, DGFT, Custom, Central Excise, Service Tax
: Import Export Consultancy & License Services in one roof :- for Import & Export Incentives, DGFT, Custom, Central Excise, Service Tax, Goods & Service Tax (GST), Full Guidance on all Types of Letter of Credits, Certificate Courses, Apeda, GSP, RCMC, Training Programs ,Seminar and Workshop On Export Documentation and Costing, Import Documentation & Customs, Banking, Finance and Exchange Rate Mechanism And Letter of Credit, Foreign Trade Policy and Handbook of Procedures (FTP-2009-14, FTP-2015-2020),Complete Overview of Goods and Service Tax (GST), Export & Import Related GST, DGFT, Custom, Central Excise, Service Tax
Key Takeaways:
Export Promotion Schemes in India
Analysis of WTO' Ruling
Schemes adopted by Member Nations
Alternatives to Export Promotion Schemes
Way forward
ICAI Elections -Your Vote will make the DifferenceNeha Sharma
The most crucial time for the profession of CAs i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally,we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
Right Direction Services Offered 28 Feb 10Constandinou
A presentation of the different consulting services offered by Right Direction. If you are interested in any of our services please do not hesitate to contact me.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. Service Export from India Scheme (SEIS)
Exporters Bonanza
By
Gaurav Arya
Chartered Accountant
(Author can be reached at +91-9560607530 or
gaauravarya@gmail.com)
2. The big question now a days is whether the export incentives are going to be
scrapped?
1. India lost the case against United States of America (USA) in World Trade Organisation
(WTO).
2. USA alleged that India is violating the provisions of Subsidies and Countervailing
Measurers Agreement (SCM) by giving export rewards to its exporters in form of various
schemes.
3. India needs to withdraw all the export schemes where it is rewarding the exporters
through various schemes like Merchandise Export from India Scheme, Export Promotion
Capital Goods, Special Economic Zone, Duty Free Imports for Exporters, EOU/BTP/EHTP
Schemes etc.
4. SCM doesn’t permit the countries to give rewards to exporters where the per capita
income is more than USD 1000 consecutively for three years. India has crossed this
threshold in Year 2015. In 2017, the WTO notified that India’s GNI was $1,051 in 2013,
$1,100 in 2014 and $1,178 in 2015.
5. However, India has filed an appeal against this decision with WTO appellate tribunal and
the bench is not working due to lack of quorum.
6. It is pertinent to note that Service Export from India Scheme and Advance Authorisation
Scheme has not been challenged by USA.
3. Then what is the fate of these export incentive schemes?
Government of India has announced scheme of
Remission of Duties and Taxes on Exported Products (RoDTEP)
to compensate the exporters. It will allow reimbursement taxes
and duties paid by them such as value added tax, coal cess, mandi
tax, electricity duties and fuel used for transportation, which are
not getting exempted or refunded under any other existing
mechanism but are incurred in the process of manufacture or
distribution of exported products. It seems to be India
government is doing its own preparation before the decision of
tribunal by giving cabinet approval to this scheme on 13th March,
2020.
RoDTEP seems to be replacement of Merchandise Export from
India Scheme (MEIS) that was found to violate the World Trade
Organization Rules. However, picture will be clearer once the draft
of scheme come into existence.
4. Covid -19 Impacts
Notification – 57/2015-20,
Public Notice No. -67/2015-20 and
Trade Notice No. 60/2019-20 (All dated – 31st
March, 2020)
FTP Validity extended to more one year i.e. 31st
March, 2021
RCMC validity extended from 31st March, 2021 to
30th September, 2020
SEIS for FY 2018-19 can be filed upto 31st
December, 2020
For SEIS for FY 2019-20 – Service Category and
rate of scrips to be notified separately
SEIS for FY 2020-21 – Decision on continuation
to be taken subsequently
5. Exporters Bonanza
If you are exporting the services, your net profit can be increased by 5% to
7% because Indian government is giving incentive on service exports?
There is a scheme Service Export from India Scheme (SEIS)in Foreign Trade
Policy 2015-20 where Government of India has notified various eligible
services, rates & conditions for rewards.
Governing act of Foreign Trade Policy 2015-2020 is The Foreign Trade
(Development and Regulation) Act, 1992.(Hereinafter Referred As ‘FTDRA,
1992’)
However, India has lost case against USA in WTO and the fate of all export
incentive schemes are in danger. Fortunately, SEIS scheme has not been
challenged by USA
Let us understand about the Service Export from India Scheme in Frequently
Asked Questions (FAQ) format.
6. What is ‘Service’? (Para – 9.50)
“Service” Includes all tradable services covered under General
Agreement on Trade in Services (GATS) and earning Free Foreign
Exchange
The GATS define services in four ‘modes’ of supply: cross-border trade,
consumption abroad, commercial presence, and presence of natural
persons.
Objectives of SEIS
Provide exporters a level playing field;
Exports to be globally competitive;
Rewards to offset infrastructural inefficiencies and associated costs
involved.
Encourage and maximise the exports of notified services from India;
7. Who is a ‘Service Provider’ Under Foreign
Trade Policy 2015-20?
As per Para 9.51 of FTP, Service Provider means a person providing:
(i) Mode1- Cross border trade - Supply of a ‘service’ from India to any other country e.g.
BPO/KPO/ITES services, consultancy etc.
(ii) Mode 2- Consumption abroad - Supply of a ‘service’ from India to service consumer(s)
of any other country e.g.: tourism, educational services, medical treatment etc.
(iii) Mode 3 – Commercial Presence - Supply of a ‘service’ from India through commercial
presence in any other countrye.g.: banking, hotel etc.
(iv) Mode 4- Presence of natural persons - Supply of a ‘service’ from India through the
presence of natural persons in any other country like doctor, nurse, IT engineer etc.
functioning as a consultant, employee, from one country to another.
SEIS benefit is available for Mode 1 and Mode 2 only.
SEIS benefit is not available for Mode 3 and Mode 4.
8. Reward Rates:
As per Appendix 3D of Foreign Trade Policy 2015 - 20, reward rates for
various services are as follows: -
Sectors Services Rate
Professional Services Legal Services, Taxation, Accounting and
Bookkeeping, Architectural, Engineering,
Medical and Dental
7%
Research and
Development Services
R&D – Natural Sciences, Social Sciences
and Humanities, Interdisciplinary R&D
7%
Rental/Leasing services
without operators
Ships, Aircraft, Other Transport equipment
and other machinery & equipment
7%
Other business services •Advertising services
•Market research and public opinion
polling services
•Management consulting service
•Technical testing and analysis services
5%
9. Services Rate
Other business
services
•Services incidental to agricultural, hunting and forestry,
fishing, mining, manufacturing and energy distribution
•Placement and supply services of personnel,
•Investigation and security
•Related scientific and technical consulting services
•Maintenance and repair of equipment (not including
maritime vessels, aircraft or other transport equipment)
•Services of Building cleaning, Photographic, Packaging,
Printing, publishing , Convention and Hospital
5%
Tourism and
Travel Related
Services
Hotel and Restaurants
Travel Agencies, Tour Operators and Tour Guides
5%
7%
Recreational,
Cultural and
Sporting Services
Entertainment Services (Including – Theatre, Live Bands
and Circus Services), News Agency Services, Libraries,
Archives, Museum, Cultural Activities, Sporting and other
recreational activities
7%
10. Sectors Services Rate
Transport Services Maritime Transportation,
Air Transport and Road
Transport Services include
auxiliary services to all
modes of transport like
warehousing, cargo
handling etc.
7%
Construction and
Engineering related
services
General construction work
for building, civil
construction, installation
and assembly work and
building completion and
finishing work.
7%
Educational Services Primary, Secondary, Higher
and adult education
services
7%
Environmental Services Sewage, Refuse Disposal
and Sanitation Services
7%
Health Related and Social
Services
Hospital Services 7%
11. What are the eligibility criteria for claiming
rewards under SEIS?
Services rendered should fall under the definition of “Service” of
“Foreign Trade Policy
Service Provider should have minimum Net free Foreign Exchange
Earnings of US$ 15,000 and individual service providers and sole
proprietorship US $ 10,000 in year of rendering service
Service provider must have active IEC Code at the time of rendering of
services
12. Who are not eligible for claiming rewards under SEIS?
As per Para 3.09 of FTP, SEIS benefit is not allowed if the Foreign exchange
remittances/sources of earnings in form of
Other than those earned for rendering of notified Services would not be
counted for entitlement.
any other inflow of foreign exchange, unrelated to rendering of services, etc.
Export turnover relating to services of units operating under EOU / EHTP /
STPI / BTP Schemes or supplies of services made to such units.
Related to Financial Service Sector – Foreign remittance earned through
Export Proceeds Realization of Clients
Issuance of Foreign Equity through ADRs/GDSRs or other similar instruments
Issuance of Foreign Currency Bonds
Raising all type of Foreign Currency Loans
Sale of Securities and other Financial Instruments
Other receivables not connected with services rendered by financial
institutions
13. Equity or debt participation.
Receipts of repayment of loans.
Donations.
Earned through contract/regular employment abroad (e.g. labour remittances)
Export of goods
Clubbing of turnover of services rendered by SEZ / EOU/ EHTP/ STPI/BTP units
with turnover of DTA Service Providers
Payments for services received from EEFC Account;
Foreign Exchange earnings for services provided by Airlines, Shipping lines
service providers plying from any foreign country X to any foreign country Y
routes not touching India at all
Service providers in Telecom Sector
14. How to calculate Foreign Exchange Earnings (FEE)?
*Net Foreign Exchange Earnings = Gross Earnings of Foreign
Exchange – Total Expenses/Payment/Remittances of Foreign
Exchange by the IEC holder, relating to service sector in the
Financial Year
What is the effective date of scheme?
The Rewards under MEIS/SEIS shall be admissible for
exports made/services rendered on or after the date of
notification of this policy.
15. What is the last date of filing of application for
Duty Scrips ?
For SEIS, the last date for filing application shall be 12
months from the end of relevant Financial year of claim
period.
However, if you are late – Than don’t worry – DGFT is very
much liberal, they will give you incentive with a late filing
cut. Incentive will be given as per below table: -
16. Sr. No. Particulars Late Cut
Rate
Incentive
1 Application received after the expiry of last date
but within six months from the last date (0 to 6
Months)
2% 98%
2 Application received after six months from the
prescribed date of submission but not later than
one year from the prescribed date (7th Month to
12th Month)
5% 95%
3 Application received after 12 months from the
prescribed date of submission but not later than
2 years from the prescribed date (8th Month to
24th Month)
10% 90%
17. SEIS claim cannot be filed beyond 31stMarch 2022 for the FY 2018-
19. In nutshell, a person can file claim within 3 years of end of
financial year.
For example if a Service Provider applied for SEIS within 6 months
of expiry of due date, he will get 98% of the eligible claim but if
applied with a more delay than the claim amount will get reduced
to 95% to 90% depends upon when he has applied.
Let us understand by an example – For the FY 2018-19, due date
for filing application for reward under SEIS scheme is 31stMarch
2020
If claim is filed after 31stMarch 2020 but before 30thSeptember
2020 – He is eligible for 98% of rewards.
If claim is filed between 1stOctober 2020 to 31stMarch 2021 – He is
eligible for 95% of rewards
If claim is filed between 1stApril 2021 to 31stMarch 2022 – He is
eligible for 90% of rewards
18. Where SEIS Scrip Can be Used?
In payment of taxes like customs duties, excise duties, service tax on the procurement of
services, exchange duties and other.
Scrips cannot be utilized for payment of GST.
Scrips are transferable.
There is no GST on sale of scrips.
What is the validity of the Scrips?
These credit Scrips are valid for a term of 24 months from the date of its issuance.(Public
Notice No. 33/2015-2020 dated 23.10.2017)
Issuing hard copy of physical duty credits scrips had been discontinued w.e.f. 10.04.2019
and made it online for easy of doing business as per Trade Notice No.03/2015-2020 dated
03.04.2019
19. What are the points to be Ponder?
Directorate General Foreign Trade (DGFT) Headquarter
randomly select 10% of cases through computer system for
each Regional Authority (RA) where scrips have already
been issued, under each scheme.
Documents to be maintained for the period of three years
from the issuance of scrips as Regional Authority may ask
for original proof of landing certificate, annexures attached
to the application form or any other document.
20. Government views on SEIS –
Commerce Minister Piyush Goyal Proposes to discontinue export
incentives for services exports under SEIS in present form
Proposal to discontinue SEIS as it has not helped India in "increase shipments positively".
Proposal to discontinue this SEIS in its current form. There is view that it has not helped
us to increase our exports positively,
He said that industry has to get out of the mind set of subsidies as they are detrimental
to India's long-term interests.
Only 2200 Companies take that take that subsidy. Some of them are such large names,
making 1000s of crores of rupees of profit, that there is no business of giving them a
subsidy," he said.
The minister wondered that if those big companies do not get this subsidy, will they stop
providing those services.
He suggested that the subsidy can be used to promote sectors like
tourism."...tourism...has huge untapped potential... which are the areas where we need
targeted support for a defined time frame to get better value addition," he added.
21. General Discussion
Penalty Provisions for wrongly availment of
rewards –
Maximum of following - Rs. 10,000 and maximum to 5
times of rewards (Section 11 of FTDRA Act, 1994)
Expectations from DGFT
Standard Operating Procedures for the whole process
specially documentation
Accountability of officers – To issue the scrips on time. Its
saying – Incentive delay is equal to incentive denied
Waive of the condition to having active IEC at time of
rendering services
Follow the due process of law – while rejecting claims –
Opportunity of being heard must be given
Professional Opportunities
- In Assistance in sale of scrips