After witnessing a definite 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 to 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 materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips for you to become issued ahead from the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
In order to advertise trade facilitation, federal government has also extended a provision cut down export obligations dependant upon the decline Online SSI Registration in India exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme is another incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.