After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon 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 give relief to the export segment. This move is required to benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME Udyog Aadhar Registration in India exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips turn out to be 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 promote.
In order to advertise trade facilitation, brand new has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets are also provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme extra incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided in the recently announced export package deal.