After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly receive much needed relief.
In an effort 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 certainly going to benefit the employment-intensive export sectors since leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME Registration Fees in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips for you to become issued ahead on 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 to relieve export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided during the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme one more incentive that would help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with the decline in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export package deal.