After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual 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 to provide relief to the export segment. This move is likely to benefit the employment-intensive export sectors since leather, gems & jewelery and textiles.
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 expenditure.
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 exchange strikes.
In order market trade facilitation, federal government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more incentive that help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with professional compensation SSI Online Registration in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.