After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will quickly 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 in order to supply relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to 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 switch.
In order to advertise trade facilitation, federal government has also extended a provision to relieve export obligations SSI Certificate Online Registration in India line with the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets were also provided within 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 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 have also been provided during their recently announced export stimulus package.