After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an make an effort 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 such as leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME Online Registration in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be issued ahead belonging to 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, federal government has also extended a provision minimize export obligations in 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 work entitlement pass book (DEPB) scheme an additional incentive yard help the MSME export segment tide over the continued 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 as technical textiles, stapling machine and handmade carpets have been provided in the recently announced export stimulus package.