After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the 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 to provide relief to the export segment. This move is gonna 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 have been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips for you to become 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 trade.
In order to advertise trade facilitation, the government has also extended a provision to reduce export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continued crisis.
SSI Certificate Online Registration in India order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.