Says this facility must be extended to Mudra and SHGs, too. An expert committee of the Reserve Bank of India (RBI) on Micro, Small and Medium Enterprises (MSMEs) has suggested doubling collateral-free loans for these units.

In the online system, a firm offsets taxes paid on input from the IGST to be paid on export and then applies online for refund. The entire process of receipt of refund takes about two weeks or less.

New Delhi, June 18 As Finance Minister Nirmala Sitharaman prepares to present her first Union Budget on July 5, trade associations involved in import and export want the government to take several steps to boost India's cross border trade.

The GST council has further simplified and enhanced the way taxpayers and corporates will be filing their GST returns. A trial is set to take place for new GST return-filing from July 2019 onward, and will be implemented in a phased manner from October 2019.

The Indian rupee opened higher by 14 paise at 69.56 per dollar on Wednesday versus Tuesday's close 69.70.