Client Industry: Cotton Industry
Background :
The client is engaged in providing consultancy services to various textile procuring and manufacturing organisations and communities in developing sustainable and resilient cotton supply chain, with business in the domestic market as well as the international market. The client has significant volume of export of services in the financial year. Upon conferring, the client wanted to avail the exports benefits, if available, for the services it exports and has thus approached us to assist in benefitting from the various export benefit schemes the government of India has in place
Our Approach :
- We reviewed the FTP 2015-2020 which incorporates the prevailing provisions relating to export and import of goods and services, and subsequently ascertained the client’s eligibility to apply for export benefits
- We ensured that all the prerequisite requirements and compliances were being fulfilled by the client in order to qualify for such export benefit under the SEIS scheme
- We analysed the eligible Foreign exchange earnings and expenses during the year per the guidelines laid down by the Directorate General of Foreign Trade in India and thus ascertained the amount to be reported while applying for SEIS duty scrips and hence the amount of benefit available to the client
- We assisted the client in the procurement of necessary certificates and declarations
- We assisted the client in the Online and Offline Submission of the SEIS Application
- We conducted liaising with the concerned departments (i.e. Directorate General of Foreign Trade, Federation of Indian Export Organisations and Services Export Promotion Council) for their final requirements and the conclusion of the process
- Upon availing the export benefit in form of Duty Scrips, per the client’s prerogative, we assisted the client in the sale of the duty scrips
Outcome/Impact :
We were hence able to successfully obtain the Duty Scrips under the SEIS Scheme of FTP 2015-2020. Further, we were also able to secure a beneficial sale of the duty scrips so obtained. Thus, the Client benefitted with improved cash flow from the sale.