The government Announces Relief Package For Exporters
After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore give relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.
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 expenditure.
Measures like quick settlement of duty credit scrips to be able to 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 switch.
In order to advertise trade facilitation, the government has also extended a provision cut down export obligations using the decline in exports.
Export incentives for Udyog Aadhar Registration Online such things technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that would help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export stimulus package.