Brand new Announces Relief Package For Exporters

After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 gonna benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.

Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction price.

Measures like quick settlement of duty credit scrips to be 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 trade.

In order to advertise trade facilitation, the government has also extended a provision to scale back export obligations in line with the decline in exports.

Export incentives for things like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that help the MSME Registration Fees in India export segment tide over the continued crisis.

In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with professional compensation in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export stimulus package.