- The Government has introduced the Service Exports from India Scheme (SEIS) w.e.f. 01.04.2015 under the Foreign Trade Policy (FTP), 2015-20 replacing the earlier scheme ‘Served from India Scheme’ under the FTP, 2009-15.
- Under SEIS, the service providers of notified services are incentivized in the form of Duty Credit Scrips at the rate of 3 or 5% on their net foreign exchange earnings.
- These SEIS scrips are transferrable and can also be used for payment of a number of Central duties/taxes including the basic customs duty.
- Apart from services, there is also a scheme for incentivizing export of merchandise/goods. The Merchandise Exports from India Scheme (MEIS) in the Foreign Trade Policy (FTP) 2015-20 operating since April 1, 2015 rewards export of merchandise which are produced/manufactured in India through Duty Credit Scrips which are transferable and can be used to pay Central duties/taxes including customs duties.
- SEIS and MEIS schemes are designed to make our exports (both services & goods) globally competitive.