After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 give relief to the export segment. This move is required to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
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 become 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 exchange strikes.
Online SSI Registration in India order to promote trade facilitation, brand new has also extended a provision to relieve export obligations dependant upon the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive that help the MSME 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 items like technical textiles, stapling machine and handmade carpets were also provided in the recently announced export stimulus package.