“Besides, the roll back of the higher tax on foreign investors and the release of funds to recapitalise public sector banks will go a long-way in easing liquidity and further giving a much-needed boost to the economy in such challenging times,” added Saraf. “Further simplifying the GST system, the government announced that all pending GST returns for MSMEs till now will be sorted out in 30 days with future refunds in 60 days. This initiative of the government will further help the trade and the industry to overcome their problem of liquidity and capital requirements,” said Saraf. The FM’s statement about the clearance of delayed GST refunds showed that online automatic GST refund system was not working properly. “FOPSIA raised the issue of delayed payments in the government sector and today the Finance Minister accepted that government departments are not obeying delayed payment act,” said Jindal.
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