After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an attempt 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 such as leather, gems & jewelery and textiles.
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 turn out to be 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 promote.
In order market trade facilitation, the government has also extended a provision to relieve export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more incentive that may 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 professional compensation SSI Certificate Online Registration in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.