97 per cent GST refunds paid to MSMEs, says status report

New Delhi, Nov 1 (KNN) Finance Ministry status report has claimed that 10,490 i.e. 97 per cent of Goods and Services Tax (GST) refunds due to Micro Small and Medium Enterprises (MSMEs) as of August 23 has been paid by the government.

According to status report on the implementation of measures announced by Finance Minister Nirmala Sitharaman in August and September, the Finance Ministry said that of the Rs 10,841 crore pending refunds as of August 23, Rs 10,490 crore has been paid as of October 24.

''Rs 70,000 crore upfront liquidity recapitalization promised to banks, Rs 60,314 crore had been infused into banks in September through recapitalization bonds, including Rs4,557 crore in IDBI Bank,' report read.

The Department of Expenditure issued a circular on September 17 lifting the ban on purchase of new vehicles by Ministries and government Departments. A vehicle scrappage policy has also been formulated and circulated for comments of stakeholders/general public by November 15.

''Withdrawal of Angel Tax provisions for Startups and their investors: CBDT has issued a consolidated circular for assessment of start-ups and a Start-up Cell under Member (IT&C) has been constituted,'' the report further read.

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