After witnessing a huge contraction Udyog Aadhaar Registration Online in India export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly receive much needed relief.
In 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 to 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 have been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be able to issued ahead from 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 promote trade facilitation, the government has also extended a provision to relieve export obligations using the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive yard help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.