After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 give relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help Udyog Aadhaar MSME Registration in India exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips 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 trade.
In order market trade facilitation, federal government has also extended a provision to reduce export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets seemed to be provided during the recently announced export package deal.
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 reduce export obligations in line with decrease in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export stimulus package.