After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to receive much needed relief.
In an attempt 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 required to benefit the employment-intensive export sectors such as leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME Udyog Aadhaar Registration in India exporters prune high transaction price.
Measures like quick settlement of duty credit scrips become issued ahead of the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
In order to advertise trade facilitation, federal government has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets are also provided within the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive that may help the MSME export segment tide over the continued 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 such things technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export package deal.