After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon receive much needed relief.
In an strive 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 since leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips turn out to be issued ahead belonging to the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
In order encourage trade facilitation, federal government has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets were also provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continuing crisis.
SSI Online Registration in India order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets were also provided in the recently announced export package deal.