After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon receive much needed relief.
In an make an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is certainly 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 already been simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be able to 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.
In order to advertise trade facilitation, the government has also extended a provision minimize export obligations by the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets are also provided included SSI Registration in India Online the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive a good-looking lawn help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export package deal.