FISME urges GST reforms: statutory ITC safe harbor, quicker refunds
Ahead of GST completing a decade next year, the Federation of Indian Micro and Small & Medium Enterprises (FISME) is pushing for some major updates.
They're asking for quicker GST refunds, a "statutory safe harbor for Input Tax Credit (ITC)" so honest taxpayers aren't punished if their suppliers mess up, and simpler rules, especially for businesses working in more than one state.
The goal? Less paperwork and more cash flow for MSMEs.
FISME seeks QR codes, data checks
FISME also suggests using QR codes, automatic data checks, and self-approval of business location changes.
They want refunds processed within 30 to 45 days (with interest if there are delays), plus a clear technology roadmap so companies aren't surprised by portal changes.
All these ideas are meant to cut down on hassles and give MSMEs a fairer shot at growth.