Eligibility to Scheme
- Benefit linked to Net Foreign Exchange Earnings For Individual and Sole Proprietorship= $10,000 FY For Others = $15,000 in preceding FY.
- Service provider shall have an active IEC at the time of rendering such services.
- Export turnover of EOU/ STPI/ BTP/ EHTP unit or supplies made to such units as well as clubbing of turnover above units with turnover of DTA units.
- Payments received from EEFC account in free foreign exchange will not eligible.
- SEPC RCMC – Registration.
Benefits of Scheme
- Duty credit scrip equivalent to 3% or 5% of Net Free Foreign Exchange earned.
- Scrip’s can be used for payment of Custom Duty / Excise Duty / Service Tax for procurement of goods or services relevant to the business of the applicant
- Service providers also engaged in manufacturing activity can use the SFIS scrip for importing / domestic sourcing of capital goods including spares for manufacturing.
- Duty Credit Scrip are freely transferable.
- Debits made from the scrip eligible for Cenvat-credit (ITC) or Drawback.
- Scripts shall remain valid for 18 month for use from the date of issue by RA.
Formula
(Net Foreign Exchange) = (Gross Earnings of Foreign Exchange) – (Total expenses / payment / remittances of Foreign Exchange by the IEC holder, relating to service sector in the Financial year.)
How we can help you
- Determination of eligibility for the benefit under this scheme.
- This is the most important part of this scheme. Any mistake at this stage will render all the efforts futile. We’ll understand your services in detail and will arrive at the eligibility criteria including the rate at which duty credit scrip will be issued. If there is any shortcoming in your eligibility criteria which can be migrated, we’ll advise you on that.
- Preparation of application with complete paperwork.
- Our services is not limited to consultation part only. Our team of experts will prepare the application for availing this benefit completely as per the required guidelines so that there is no back and forth at the time of review of application by the concerned department.
- Co-ordination with Department to get the Duty Credit Scrip issued.
- Once the application is filed, it would require regular co-ordination with the concerned department to expedite the matter.
- Help in selling the Duty Credit Scrip if the exporter doesn’t want to use it.
- In case, you are not able to utilize the full or part of the duty credit scrip, we’ll help you to sell it to a potential buyer in the market which will convert the benefits in free funds.
List of documents required for the SEIS Scheme
- Importer Exporter Code (IEC Code)
- Application form ANF-3B (Aayat Niryat Form)
- CA Certificate
- Statement showing the nexus between Invoices and FIRC’s (Table No 4).
- Write up of Services.
- Self–Certified copy of invoice and FIRC’s
- DGFT Digital Signature Certificate (DSC)
- RCMC Copy
- Necessary Declarations