After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the 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 give relief to the export segment. This move is gonna benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and textiles.
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 offers.
Measures like quick settlement of duty credit scrips to be issued ahead on 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 by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme an additional incentive that would help the Udyog Aadhar MSME Registration Online in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with the decline in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided in the recently announced export package deal.