The Ministry of Commerce & Industry is mulling a proposal to revamp the scheme for services exporters to make it more broad-based and foolproof – Service Exports From India Scheme (SEIS). According to some insiders, the policy could be incorporated in the new five-year Foreign Trade Policy (FTP), which will be effective from October 2021.
The proposal allows the exporters duty credit scrips at 5-7% of the net foreign exchange earned, depending on the nature of services. MOCI has also discussed with the exporters the feasibility of bringing in a tax refund scheme for services exporters in future, along the lines of the Remission of Duties and Taxes on Exported Products (RoDTEP). Services Export Promotion Council (SEPC) has proposed that the government limit the SEIS benefits to a maximum of `5 crore per exporter for various services sectors (except the worst affected ones).
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