After witnessing a definite 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 attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is gonna benefit the employment-intensive export sectors for instance 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 Online Registration in India exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be able to 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 market trade facilitation, brand new has also extended a provision to relieve export obligations using the decline in exports.
Export incentives for things like 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 would 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 professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.