After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to receive much needed relief.
In an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is gonna benefit the employment-intensive export sectors for instance leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips turn out 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 promote.
In order to advertise trade facilitation, brand new has also extended a provision minimize export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets are also provided during the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive that help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with professional compensation Udyog Aadhaar Registration in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.