SFIS

Objective of SFIS is 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.

Indian Service Providers, of services listed in Appendix 41 of HBPv1, who have free foreign exchange earning of at least Rs. 10 lakhs in current financial year will be eligible for Duty Credit Scrip. For Individual Indian Service Providers, minimum free foreign exchange earnings would be Rs 5 Lakhs.

ELIGIBLE REMITTANCES

Free foreign exchange earned through International Credit Cards and through any instrument as permitted by RBI for rendering of services shall also be taken into account for computation of Duty Credit Scrip.

IMPORTS ALLOWED

(a) Duty Credit Scrip may be used for import of any capital goods including spares, office equipment and professional equipment, office furniture and consumables; that are otherwise freely importable and / or restricted under ITC (HS). Imports shall relate to any service sector business of applicant. (b) Utilization of Duty Credit Scrip shall be permitted for payment of duty in case of import of only those vehicles, which are in the nature of professional equipment to the service provider. (c) Duty Credit Scrip in case of hotels, clubs having residential facility of minimum 30 rooms, golf resorts and stand-alone restaurants having catering facilities, may also be used for import of consumables including food items and alcoholic beverages.

NON TRANSFERABILITY

Entitlement /goods (imported / procured) shall be non transferable (except within group company and managed hotels) and be subject to Actual User condition.

PROCUREMENT FROM DOMESTIC SOURCES

Duty Credit Scrip shall be permitted to be utilised for payment of excise duty in terms of DoR notification issued in this behalf for procurement from domestic sources, in respect of items permitted for imports under SFIS Duty Credit Scrip.