After witnessing a large contraction SSI Online Application in India export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to 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 produce relief to the export segment. This move is going to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
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 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 market trade facilitation, brand new has also extended a provision minimize export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided within the recently announced export stimulus package.
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 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 items like technical textiles, stapling machine and handmade carpets were also provided in the recently announced export package deal.