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 attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to provide relief to the export segment. This move is likely to benefit the employment-intensive export sectors since 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 offers.
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 trade.
In order to promote trade facilitation, the government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive that help the MSME Online Registration in India export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with professional compensation in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.