New Delhi: In her speech presenting the Budget 2020, Finance Minister Nirmala Sitharaman on Saturday said that a "new simplified Goods and Services Tax (GST) return system" will be introduced from April 2020.
The finance minister began her speech by speaking about one of the BJP-led government's key economic decisions and thanking former finance minister Arun Jaitley for being the brains behind it.
"With the GST neither the state not the Centre will lose their sovereignity. The GST has facilitated formalization of the economy," she said.
Further praising it, Sitharaman added that the new tax regime has led to a significant boost for MSMEs. "An average household spends 4 per cent on its monthly expenditure. In the last 4 years, we have added 60 lakh tax payers."
The Centre and state government collected about Rs 1.1 trillion in GST in January, the highest monthly collection the GST roll out.
This comes amid the series of administrative steps aimed at boosting tax compliance after collections in September fell to its lowest in the year so far.
Comments
0 comment