After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to receive much needed relief.
eUdyog Aadhar Registration in India an attempt 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 certainly going to 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 MSME exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be 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 exchange strikes.
In order encourage trade facilitation, the government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive a good-looking lawn help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.