Service Exporters got yet another bonanza when the Government announced that the SEIS scrips that they receive against their exports, will now be issued at the increased rates for the next financial year too. Ie. for FY 2018-19.

Eligible Service Providers in India who receive their payments in Foreign Exchange, are entitled to get benefits in the form of SEIS scrips to the tune of 3-5% on Net Foreign Exchange Earnings. With effect from 1.11.2017, these rates were increased to 5-7% when the mid-term review of Foreign Trade Policy (FTP) was announced on 5th December 2017.

Now vide P.N. 7 of 11.5.2018, the Govt has amended the para to make the rates effective for the next financial year 2018-2019 as well. SEIS can be transferred to any importer at nearly full value, and without GST. This should be a good news for service exporters and they can be sure of getting the increased 5-7% of their receipts for the next financial year too.