All pending goods and services tax (GST) refunds that are due to micro, small and medium enterprises (MSMEs) till now will be executed within 30 days, Indian finance minister Nirmala Sitharaman announced yesterday. The announcement came during a press conference in New Delhi on measures being taken by the government to boost the economy amid concerns of a slowdown.
"In the future, all GST refunds shall be paid back to the industry within 60 days from the date of application," Sitharaman said.All pending goods and services tax (GST) refunds that are due to micro, small and medium enterprises till now will be executed within 30 days, Indian finance minister Nirmala Sitharaman announced yesterday. The announcement came during a press conference in New Delhi on measures being taken by the government to boost the economy amid concerns of a slowdown.#
Other reform measures include better credit flow to MSMEs and online tracking of loan applications to help improve the turnaround time for customers. The MSME Act has also been amended to ensure a single definition for MSMEs, she said.
Banks will issue improved one-time settlement (OTS) policy to help MSMEs and retail borrowers settle overdues. This will help raise transparency, reduce harassment and assist in improving the turnaround time for customers, Sitharaman said.
The enhanced surcharge levied on foreign portfolio investors (FPIs) was removed, restoring it to the pre-budget position. Violations related to corporate social responsibility will be not be treated as criminal offence.
All old tax notices will be decided by October 1 or will be uploaded again through the centralised system. The government will infuse upfront ₹70,000 crore into public sector banks to enable release of ₹5 lakh crore liquidity in the market.
The 'angel tax' provision will be withdrawn for start-ups and their investors. Section 56 2(b) of the Income Tax Act will not be applicable to start-ups registered under the Department for Promotion of Industry and Internal Trade (DPIIT). (DS)
Fibre2Fashion News Desk – India
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