SERVED FROM INDIA SCHEME (SFIS) - Benefit to Service Exporters
Confia Interactive - Finance Updates
Objective: To accelerate growth in
export of services so as to create a powerful and unique Served From India
brand, instantly recognized and respected world over.
Eligibility: All Indian service providers who have free foreign exchange earning of at least Rs 10 Lakhs in
preceding financial year / current financial year.
Incentive: Duty credit @ 10% of free foreign exchange
earned during current financial year. Free foreign exchange earned through International
Credit Cards and other instruments as permitted by RBI for rendering of service
are also taken into account for computation of Duty Credit Scrip.
Utilization: Duty Credit may be used for import of any capital goods including spares, office equipment and
professional equipment, office furniture and consumables. Furthermore, hotels
can import consumables such as food
items and alcoholic beverages in addition to capital goods. This
import can relate to any service sector business of applicant. Entitlement /
goods (imported / procured) are transferable only within company group and
managed hotels.
Payment
of Excise Duty: Additionally,
this Duty Credit Scrip can also be utilized for payment of excise duty for
procurement of items, permitted by Department of Revenue (DoR), from domestic
sources.
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