Start-ups demand from Modi government to expedite GST refund, improve liquidity for NBFC in budget 2019

Ahead of budget 2019, start-ups have demanded from the Modi government to expedite GST refund, improve liquidity for NBFC to lower the compliance in MSME sector.

Start-ups demand from Modi government to expedite GST refund, improve liquidity for NBFC in budget 2019
MSMEs demand centralised GST return for suppliers providing works contract services in various states and thereby reducing the compliance burden in budget 2019. Photo source: Twitter/Piyush Goyal
Written By: Asit Manohar
Updated: Thu, Jan 31, 2019
02:58 pm
New Delhi, ZeeBiz WebDesk
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The Micro, Small and Medium Entreprises (MSMEs) have demanded from the Modi government to expedite GST refund and improved liquidity for retail focused Non Banking Financial Companies (NBFCs). They said the move will help start-ups to deepen into the bond markets, Mudra bank access and other measures.

Speaking on the demand  Gaurav Kashyap CEO Cherry Hill Interiors told Zee Business online in a written statement, "Expedite GST refunds for SEZ projects and MSME companies and complete refund should be released with 60 days of filing of application." Kashyap went on to add that the Narendra Modi government should consider to allow centralised GST return for suppliers providing works contract services in various states and thereby reducing the compliance burden in the coming union budget 2019.

See Zee Business video below:

Amit Saxena, MD & CEO Unimoni India told, “The government needs to ensure there is more credit available in the system for small businesses. As evidenced across the world including in developed markets, Small businesses are the engine for job creation and they need to be fuelled with adequate credit at affordable interest rates." Saxena said that the retail NBFCs are playing a crucial role in achieving this. Government should consider mechanisms for improving liquidity for Retail focused NBFCs like deepening the corporate bond markets, MUDRA bank access and other measures.

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