After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon 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 in order to supply relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors since leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help Online MSME Registration Form in India exporters prune high transaction price.
Measures like quick settlement of duty credit scrips become issued ahead from 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.
In order to promote trade facilitation, federal government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided in the recently announced export stimulus package.