The government Announces Relief Package For Exporters

After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly receive much needed relief.

In an attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to provide relief to the export segment. This move is going 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 are simplified to help MSME Registration Fees in India exporters prune high transaction offers.

Measures like quick settlement of duty credit scrips turn out 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 position.

In order to advertise trade facilitation, federal government has also extended a provision minimize export obligations by the decline in exports.

Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.

The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme is another 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 reduce export obligations in line with professional compensation in exports.

Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided in the recently announced export stimulus package.