After witnessing a giant contraction in export orders for the past few 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 required to benefit the employment-intensive export sectors while leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips 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 trade.
SSI Certificate Online Registration in India order market trade facilitation, brand new has also extended a provision minimize export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets are also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export package deal.