The government Announces Relief Package For Exporters
After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an attempt 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 going to benefit the employment-intensive export sectors such as leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips become issued ahead of 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 market trade facilitation, brand new has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that may help the MSME Registration Fees in India export segment tide over the ongoing 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 such things as technical textiles, stapling machine and handmade carpets were also provided in the recently announced export package deal.