After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon receive much needed relief.
In an strive 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 such as leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help Udyog Aadhar MSME Registration Online in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be issued ahead of 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, brand new has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme extra incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export package deal.