After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will 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 in order to supply relief to the export segment. This move is going to benefit the employment-intensive export sectors since leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction costs.
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 switch.
In order to promote trade facilitation, brand new has also extended a provision to reduce export obligations depending on the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided included in the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional incentive that help the Udyog Aadhaar MSME Registration in India 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 professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.