After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will receive much needed relief.
In an effort 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 likely to benefit the employment-intensive export sectors while leather, gems & jewelery and fabrics.
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 issued ahead on the 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 to advertise trade facilitation, brand new has also extended a provision to scale back export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided during the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with professional compensation in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export stimulus package.