Latest GST News: Finance Minister Nirmala Sitharaman has announced that all pending GST refunds will be paid to micro, small and medium businesses within 30 days. Further, all future GST refunds will be sorted out in 60 days, she said. Evidently, faster GST refund process can help MSMEs in many ways.
Here’s how this latest GST news impacts your business: When you get your GST refunds sooner, it adds to your working capital. This, in turn, boosts your business growth. Now on, you’ll get back your GST refund on time, there will be no more delays. You do not have to worry about the money being stuck with the Govt.
Furthermore, to help small businesses, Govt plans on following: There will be a reduction in the number of GST forms required to file taxes. This will encourage business to get their GST registration done without worries. Banks will also honor the bills/papers from MSMEs that are GST-complaint. Getting small business loans becomes easier when you’ve maintained proper business accounts. GST and TReDS (Trade Receivables Discounting System) will now work in sync to create a hassle-free experience to MSMEs. For eg: If there are large companies on TReDS platform who owe money to MSMEs then those companies can now use GSTN for all bill discounting made on TReDS.
Govt this time has brought a major relief to all the MSMEs. What do you think? Please comment below.