Summary:
“The cocktail of overall business slowdown and locked funds in GST has created a liquidity crisis. Jain said the slowdown has affected business payment and buyers are not able to get timely payments. Slowdown and locked capital are feeding each other, aggravating the crisis,” said Nitesh Jain, a Chartered Accountant based out of Ahmedabad. “Clients tell me that after the payment of advance tax, they do not have sufficient funds,” said Isani. The upfront taxation means businessmen are short of funds,” said Hiten Vasant, former national vice-president of All India Motor Transport Congress..