After witnessing a definite contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 produce relief to the export segment. This move is likely to benefit the employment-intensive export sectors since leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME Registration Online in India exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be issued ahead of this 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 promote trade facilitation, the government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme is another incentive that would help the MSME export segment tide over the 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 items like technical textiles, stapling machine and handmade carpets have also been provided during their recently announced export stimulus package.