The government Announces Relief Package For Exporters

After witnessing a definite contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 produce relief to the export segment. This move is required to benefit the employment-intensive export sectors such as leather, gems & jewelery and materials.

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 costs.

Measures like quick settlement of duty credit scrips to be able to issued ahead of this realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater exchange strikes.

In order to promote trade facilitation, brand new has also extended a provision cut down export obligations depending on the decline in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export stimulus package.

The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive that would 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 to reduce export obligations in line with professional compensation in exports.

Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.

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