The government Announces Relief Package For Exporters
After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 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 happen to simplified to help MSME exporters prune high transaction expenditure.
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 trade.
In order encourage trade facilitation, brand new has also extended a provision to relieve export obligations in line with the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations Udyog Aadhar Application Online in India line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have been provided within the recently announced export stimulus package.