After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will quickly receive much needed relief.
In an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to provide relief to the export segment. This move is gonna benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be issued ahead of the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater switch.
In order to advertise trade facilitation, federal government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with professional compensation Udyog Aadhaar Registration Online in India exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets were also provided in the recently announced export package deal.