After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to 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 certainly going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and linens.
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 for you to become 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, the government has also extended a provision to relieve export obligations by the decline SSI Online Registration in India exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that would help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export stimulus package.