The government will amend the MSME Act to have a single definition for MSMEs. The changes in the act will be taken up by the Cabinet soon, Finance Minister Nirmala Sitharaman said.
New definition for MSMEs will not necessarily be on turnover but also on things like plant and machinery.
The government will make all pending GST refunds to MSMEs within 30 days. "In the future, all GST refunds shall be paid within 60 days from the date of application," Sitharaman said.