FM announces measures for MSMEs

All pending GST refund due to MSMEs shall be paid within 30 days

The finance minister has announced number of measure to boost economy, while also announced measure to support MSME sector. The finance minister has announced that the banks would issue improved transparent one time settlement (OTS) policy to benefit MSME and retail borrowers in settling their overdues. The policy would be based on check box approach and would increase transparency.

The finance minister announced that TReDS would use GSTN system in medium term to enhance market for bill discounting for MSMEs.

Further, on MSME Definition front, the amendment to MSME Act will be to move towards single definition to be considered.

 

All pending GST refund due to MSMEs shall be paid within 30 days. In future all GST refunds shall be paid within 60 days from the date of application.

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