After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will receive much needed relief.
In an attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors while leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips turn out 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 position.
SSI Online Registration in India order encourage trade facilitation, the government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be 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 extra incentive a good-looking lawn help the MSME export segment tide over the continued 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 models like technical textiles, stapling machine and handmade carpets are also provided in the recently announced export stimulus package.