After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will receive much needed relief.
SSI Online Registration Form in India an strive 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 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 are simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be issued ahead from 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 to promote trade facilitation, brand new has also extended a provision cut down 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 included in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme extra incentive that may help the MSME export segment tide over the continuing 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 were also provided within the recently announced export stimulus package.