After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 produce relief to the export segment. This move is likely to benefit the employment-intensive export sectors while 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 costs.
Measures like quick settlement of duty credit scrips turn out to be issued ahead of this realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
Online SSI Registration in India order market trade facilitation, federal government has also extended a provision to scale back export obligations dependant upon the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided during the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra 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 in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.