After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 to provide relief to the export segment. This move is going to benefit the employment-intensive export sectors while leather, gems & jewelery and sheets.
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 for you to become 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 switch.
In order encourage trade facilitation, the government has also extended a provision minimize export obligations in line with the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided within the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive a good-looking lawn help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations eUdyog Aadhar Registration in India line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.