Economy

Stimulus package: MSMEs to get pending GST refunds within 30 days, says FM

PTI New Delhi | Updated on August 23, 2019 Published on August 23, 2019

The decision on recommendations of the U K Sinha panel regarding ease of credit, marketing, technology and delayed payments to MSMEs to be taken soon.

In future, all GST refunds of micro, small and medium enterprises to be paid within 60 days from the date of application.

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.

On U K Sinha panel recommendations

The minister also said the decision on recommendations of the U K Sinha Committee regarding ease of credit, marketing, technology and delayed payments to MSMEs will be taken within 30 days.

The government would also consider amendment to the MSME Act to move towards a single definition.

The MSME sector, which accounts for about 29 per cent of the gross domestic product (GDP), is one of the largest job creators in the country.

Published on August 23, 2019
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