After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly 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 provide relief to the export segment. This move is likely to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME Registration Online in India exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be issued ahead on the 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 encourage trade facilitation, brand new has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another 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 limit export obligations in line with professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided in the recently announced export package deal.