After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector has decided to 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 required to 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 also been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips turn out to be 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, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other incentive that help the Udyog Aadhaar MSME Registration in India export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.