After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly receive much needed relief.
In an make an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply relief to the export segment. This move is going to benefit the employment-intensive export sectors while leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME Registration Benefits in India exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to issued ahead from the 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 advertise trade facilitation, federal government has also extended a provision to relieve export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme is another incentive yard help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets are also provided in the recently announced export package deal.