After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will 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 likely to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips to be able to 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 switch.
In order to promote trade facilitation, brand new has also extended a provision to reduce export obligations using 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 duty entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continuing 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 as technical textiles, stapling machine and handmade carpets have been provided Online SSI Registration in India the recently announced export stimulus package.