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MSMEs to get pending GST refunds within 30 days
In a major relief to the MSME sector facing liquidity shortage, the government on Friday announced that all their pending GST refunds will be paid within 30 days.
New Delhi: In a major relief to the MSME sector facing liquidity shortage, the government on Friday announced that all their pending GST refunds will be paid within 30 days.
Also, in future, all GST refunds of micro, small and medium enterprises (MSMEs) will be paid within 60 days from the date of application, Finance Minister Nirmala Sitharaman said while announcing a slew of measures to boost growth.
Reacting to the announcement, MSME Minister Nitin Gadkari said clearing GST dues within 30 days will be highly beneficial for the MSME sector and will also be instrumental in increasing job opportunities.
The amount of pending GST refunds owed to MSMEs is 'significant', he told reporters here. A top government official said the average amount of GST refund related dues at any given point in time is around Rs 7,000 crore.
