Parliamentary panel flags issues faced by MSMEs, exporters under GST; suggests easier compliance, fast tracking refunds

Public Accounts Committee, MSMEs, exporters, issues faced by MSMEs, Micro Small and Medium Enterprises, Goods and Services tax (GST), Indian express news, current affairs The Committee also pointed out that the existing mechanisms for return filing are still inadequate, resulting in prolonged waiting periods for refunds and potential cash flow challenges for businesses.

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The parliamentary Public Accounts Committee (PAC) has flagged the issues being faced by Micro, Small and Medium Enterprises (MSMEs) and exporters under the indirect tax regime of Goods and Services Tax (GST), asking the Ministry of Finance to implement a simplified compliance framework for smaller businesses, to fast track and automate return filing, refund processing that includes reducing the frequency of return filings and a more straightforward online reporting process. In its report presented to Parliament on Wednesday, the Committee also underlined the need for a dedicated fast-track refund processing system for exporters, ensuring that input tax credit (ITC) claims related to exports are prioritised and processed within a specified timeframe. The Committee also pointed out that the existing mechanisms for return filing are still inadequate, resulting in prolonged waiting periods for refunds and potential cash flow challenges for businesses. The Committee has recommended to the Ministry of F