After witnessing a definite contraction in export orders for recent years 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 required to 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 happen to simplified to help MSME exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be able to 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 to promote trade facilitation, brand new has also extended a provision cut down export obligations depending on the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided during 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 reduce export obligations in line with decrease SSI Registration Certificate Online in India exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export stimulus package.