After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 such as 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 price.
Measures like quick settlement of duty credit scrips turn out to be issued ahead belonging to the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
SSI Registration Certificate Online in India order to promote trade facilitation, the government has also extended a provision to relieve export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive that may help the MSME export segment tide over the continuing 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 such things as technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export stimulus package.