May 06: Today in a panel discussion organized by the Services Export Promotion Council (SEPC), many panellists requested that the government should extend the SEIS scheme for some more time as it was ending in 2020.
With the possibility of Extending the SEIS scheme, the businesses in the tourism industry could take benefit of them and use them as oxygen to survive the pandemic and the economic debacle.
It was discussed that since this year the revenues will be minimal, extending the previous year’s SEIS from 7% to 10% will indeed support many travel and tourism companies.
Mr. Maneck Davar, Chairman, SEPC mentioned that already few discussions have occurred in this regards and they are awaiting a response from the government.
The SEIS Scheme is an incentive to promote export of services to the international markets which earns USD revenue to the country. The Scheme though is actually offered by the Ministry of Commerce and Industry, Government of India, it is monitored by two bodies one the Directorate General of Foreign Trade (DGFT) and the other is the Services Export Promotion Council (SEPC). Under SEPC, for few agreed services, an incentive amount of 5-7% is provided in the form of Scrips which can be further used for other duties and customs. Under DGFT the incentive is about 2-4%.
To claim the SEIS scheme benefits, one should be a member of the Services Exports Promotion Council (SEPC). More details could be found at https://www.servicesepc.org/seis/
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