(MENAFN- KNN India) Under SEIS, service provider to have minimum net free foreign exchange earning in yr of rendering service to qualify for duty credit scrip
New Delhi, May 25 (KNN) Under the Service Exports from India Scheme (SEIS), DGFT has amended the eligibility criteria after which the service provider should have minimum net free foreign exchange earnings of USD 15,000 in the year of rendering service to be eligible for duty credit scrip.
Earlier it was in the preceding year rather than the rendering year.
The objective of SEIS is to encourage export of notified Services from India.
Service Providers of notified services, located in India, shall be rewarded under SEIS, subject to conditions as may be notified.
Earlier the rule said, 'Such service provider should have minimum net free foreign exchange earnings of US$15,000 in preceding financial year to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in preceding financial.
Now after the amendment of Foreign Trade Policy 2015-2020, it says, 'Such service provider should have minimum net free foreign exchange earnings of US$15,000 in the year of rendering service to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in the year of rendering service. (KNN Bureau)
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