SEPC stands for Services Export Promotion Council which basically aims at bringing maximum foreign currency in India for the betterment of Indian economy which provides the SEIS and MEIS benefits to exporters as under:
There are certain eligibility criteria that must be followed:
- Certificate copy of Import Export Code
- Original copies of Export Invoices
- Export Ledger of refund period
- Audited financialsfor the refund period Original FIRC Copies
- Original FIRC Copies
- Class-3 Digital Signature of Authorized Signatory
- Detailed description about Services
- Valid copy of RCMC (SEPC Certificate)
- ANF-3B Certificate by Auditor
- Service Agreement with Customer
Visit the DGFT Portal and duly fill the application of refund.
The application for refund along with requisite documents shall be submitted to the department within 15 days from the filing of application.
DGFT issues scrip in favour of applicant once application is approved.
SEIS refund can only be filed on annual basis.
The time limit for applying for SEIS Refund is within 12 months from the end of financial year of the claim period. Post that, late cut would be applicable which is as under:
| PARTICULARS | CREDIT ALLOWED ON OR BEFORE THE DUE DATE | LATE CUT RATE TO BE IMPOSED | NET ELIGIBILITY |
|---|---|---|---|
| If Application is being received within 6 months from the last date of filing | 100% | 2% | 98% |
| If Application is being received after 6 months but before 1 year from the last date of filing | 100% | 5% | 95% |
| If Application is being received after a period of 12 months but before 2 year from the last date of filing. | 100% | 10% | 90% |
The processing time for SEIS Refund application is approximate 90 days from the date of filing of application. In certain case of deficiencies and discrepancies, the time limit may extend it accordingly.
The minimum turnover should be USD 15000 for applicant companiesor USD 10000 for applicant Sole- Proprietorship firms.
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