After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon receive much needed relief.
SSI Online Registration in India 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 produce relief to the export segment. This move is likely to benefit the employment-intensive export sectors with regard to example 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 exporters prune high transaction offers.
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 trade.
In order encourage trade facilitation, the 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 stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional 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 professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export package deal.