WTC Jaipur organizes Hospitality Roundtable
WTC Jaipur in association with HRAR ( Hotels and restaurant association of Rajasthan ) hosted a round table meeting with Mr. Virendra Singh , Jt. DGFT, Jaipur at Hotel Hometel Nirwana, Jaipur
to address the owners of Hotels and restaurant, on Service Export from India Scheme ( SEIS).
Mr. Virendra Singh said, Services Exports from India Scheme is introduced as per Foreign Trade Policy of India 2015-2020 to encourage export of notified Services from India. SEIS, Services Exports from India Scheme under Foreign Trade Policy of India 2015-20 is a modification of SEIS, under Foreign Trade Policy 2009-14. Service providers of notified services, located in India are eligible for the Service Exports from India Scheme. To be eligible, a service provider (Company / LLP / Partnership Firm) should have a minimum net free foreign exchange earnings of USD15000 in the preceding financial year to be eligible for duty credit scrips. For proprietorships or individual service providers, a minimum net foreign exchange earnings of USD10,000 in the preceding financial year is required to be eligible for the scheme. Also, in order to claim reward under the SEIS scheme, the service provider shall have to have an active Import Export Code (IE Code) at the time of rendering such services for which rewards are claimed.
Mr. Singh further added, the rate of SEIS scheme under Foreign Trade Policy 2015-20 is based on net foreign exchange earned on services. The reward issued as duty credit scrip, would no longer be with actual user condition and will no longer be restricted to usage for specified types of goods but be freely transferable and usable for all types of goods and services tax 3 debits on procurement of services goods. Debits would be eligible for CENVAT credit or drawback. Mr. Sing also suggested to the participants that a larger forum could be utilized to share the benefits of this scheme to others in services and hospitality business as well.
Mr. Navneet Agarwal, Asst. Director, WTC Jaipur proposed the vote of thanks. Around 25 hoteliers actively participated the event.