After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon receive much needed relief.
In an effort 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 certainly going to benefit the employment-intensive export sectors while 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 expenditure.
Measures like quick settlement of duty credit scrips to be able to issued ahead belonging to the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater trade.
Online Udyog Aadhar Certificate In India order to advertise trade facilitation, brand new has also extended a provision minimize export obligations dependant upon the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more incentive that help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export stimulus package.