After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 produce relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME 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 switch.
In order to promote trade facilitation, brand new has also extended a provision to reduce export obligations depending on the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more 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 reduce export obligations SSI Online Registration Form in India line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export stimulus package.