After witnessing a great contraction Udyog Aadhar Online Registration in India export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 to provide relief to the export segment. This move is required to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips 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 switch.
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 have also been provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets have been provided in the recently announced export package deal.