After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly receive much needed relief.
In an attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore give relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors while leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips for you to 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 switch.
In order encourage trade facilitation, federal government has also extended a provision minimize export obligations in line with the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with professional compensation in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets are also provided contained Online Udyog Aadhar Certificate In India the recently announced export package deal.