After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will 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 gonna 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 already been simplified to help MSME exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be 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 to relieve export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations Online Udyog Aadhar Certificate In India line with professional compensation 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.