After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In 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 likely to benefit the employment-intensive export sectors while leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction costs.
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 exchange strikes.
In order to advertise trade facilitation, federal government has also extended a provision minimize export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive a good-looking lawn help the Udyog Aadhar MSME Registration Online in India export segment tide over the continued 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 within the recently announced export package deal.