The Silicon Review ^Asia

The request of the National Association of Software and Services Companies to extend service exports from India Scheme by one year is underway. According to reports, this scheme is said to aid firms that are into IT to get credits which will be an offset against duties. Ever since the scheme was introduced it has been providing a huge fillip to the services industry. It has also strengthened the backbone by furnishing way more than the needed support.

It was 2015 when the scheme took birth in commerce ministry and had come to an end in March 2019. Based on net foreign exchange earnings, service providers who are of notified services were given incentives that took the form of duty credit scrips at the rate of 5% to 3%. Various duties and taxes did go offset and against it. To pay various types of central duties and taxes, these SEIS scrips could be used and also are transferrable. Also, according to the commerce ministry report in 2018-19, the government had earmarked Rs 2,640 crore for SEIS in the time frame of 2017 to 2018.