After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 give relief to the export segment. This move is required to benefit the employment-intensive export sectors while leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips for you to become 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 position.
In order to promote trade facilitation, federal government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets were also provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the crisis.
SSI Online Registration Form in India order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have also been provided during their recently announced export package deal.