Accelerating GST refunds: Unlocking liquidity for India’s next growth phase
Accelerating GST refunds: Unlocking liquidity for India’s next growth phase India's economy is on the path to recovery after the pandemic-induced slowdown. One of the key factors that can help accelerate this growth is by unlocking liquidity in the market. One way to achieve this is by accelerating the process of Goods and Services Tax (GST) refunds. GST, introduced in 2017, is a comprehensive indirect tax reform that has simplified the tax structure and increased tax compliance. However, the refund process under GST has been a cause of concern for many businesses, especially small and medium enterprises (SMEs). The delay in refunds has led to cash flow problems, making it difficult for businesses to pay suppliers, employees, and meet other financial obligations. The government has recognized this issue and has taken several steps to address it. In recent months, the government has taken measures to streamline the GST refund process, including setting up a special cell to resolve r...