On September 23, 2021, the Ministry of Commerce and Industry (MOCI) notified the rates and eligible service categories for claiming benefits under the Services Exports of India Scheme (SEIS), for service exports rendered in the year 2019-20. A cap of INR 5 Crores has been imposed on the entitlement per exporter. The notification is available here.
Earlier on September 9, 2021, the MOCI notified via press-release that the Services Export from India Scheme (SEIS) is being notified for the year 2019-2020, with certain revisions in the service categories and incentive rates.
Key highlights of the announcement by the government:
- A total amount of INR 56,027 Crores has been allocated for all export incentives, out of which INR 10,002 Crores has been allocated to SEIS specifically.
- Benefits under export incentive schemes will be disbursed to more than 45,000 exporters, out of which approximately 98% will be small exporters.
- Export claims relating to earlier years need to be filed by exporters by December 31, 2021.
- The SEIS portal will be made operational shortly.
This is a relief for services exporters, as the disbursement of SEIS benefits have been pending since 2019. NASSCOM has been pushing forward for the notification of SEIS rates pending for the year 2019 – 2020 and to extend the availability of SEIS benefits under the upcoming Foreign Trade Policy being formulated by the MOCI.
For more information, kindly write to firstname.lastname@example.org.