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The centre drafted a set of legislation based regulations known as the Insolvency and Bankruptcy Code (IBC), 2016 to deal with the issue of failing firms especially those which are insolvent.
The government has settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.
In the current finical year public sector banks aim to achieve new schemes such as pre-approved car loans, EMI offers on e-commerce and MSME customers for the consumers belonging to the retail sector.