MSMEs will receive pending GST refunds within 30 days, says Sitharaman

The Finance Minister Nirmala Sitharaman has announced that all pending GST refunds will be paid within 30 days to ease GST related woes for the MSME sector. She further stated that all future GST refunds will be sorted out in 60 days hoping that this will ease the working capital burden on MSMEs.

“This is clearly time bound now. Everything that is pending since the time of introduction of GST till today and have a refund pending will be sorted out in 30 days. The government has worked to clear it in the next 30 days. For every future GST refunds, every matter will be sorted out in 60 days,” she added. Sitharaman added, “MSMEs do not have to be worried about money being stuck.” According to M S Mani, Partner, Deloitte India, “Expediting GST refunds would significantly benefit businesses having refunds in improving their working capital in the short term.”