The Service Exports from India Scheme (hereinafter referred to as ‘SEIS’) was introduced by Government under the Foreign Trade Policy 2015-2020, with an objective to promote exports of certain services from India. The scheme offers incentives to the eligible service exporters in form of Duty Credit Scrip to offset various duties/ taxes. Since the introduction, the scheme has provided huge fillip to the service industry and have significantly strengthened its backbone by providing much needed support.
The Director General of Foreign Trade (‘DGFT’) has vide Public Notice No. 3/2015-2020 dated 1 April 2015, as amended from time to time, extended the SEIS benefit to service exporters year on year basis. In line with this, the said public notice was last amended vide Public Notice 07/2015-2020 dated 11th May 2018 thereby extending the SEIS benefits to service exporters till 31st March 2019.
Considering the significance of the scheme, NASSCOM recently made a representation to the Ministry of Commerce highlighting the need for the continuation of this scheme for another year i.e. for the FY 2019-20.