After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to receive much needed relief.
In an attempt 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 going 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 are simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips become 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 switch.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations using the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme is another incentive yard help the MSME export segment tide over the ongoing crisis.
SSI Online Registration in India order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets are also provided in the recently announced export package deal.