After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately 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 produce relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and linens.
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 costs.
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 position.
In order encourage trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with professional compensation Online SSI Registration in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export package deal.