After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an make an effort 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 gonna benefit the employment-intensive export sectors while leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction expenditure.
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 switch.
In order to advertise trade facilitation, Udyog Aadhaar Registration Form Online federal government has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the continued 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 stuff like technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.