After witnessing a giant contraction in export orders for recent 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 while leather, gems & jewelery and fabrics.
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 service fees.
Measures like quick settlement of duty credit scrips 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 position.
In order market trade facilitation, the government has also extended a provision to relieve export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with professional compensation SSI Online Registration Form in India exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided during their recently announced export stimulus package.