After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will receive much needed relief.
In an strive 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 going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help Online MSME Registration Form in India exporters prune high transaction costs.
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 promote trade facilitation, federal government has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme an additional incentive that 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 such things technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.