New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Saturday hailed the Goods and Services Tax (GST), saying that the new tax regime has resulted in efficiency gains in transport and logistics sector. "GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME)," Sitharaman said while unveiling the Union Budget 2020-21.
"Consumers have got an annual benefit of 1 lakh crore rupees by GST. Average household now saves 4 per cent in monthly expense after the rollout of GST," she added.
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Stating that the Budget for 2020-21 aims to fulfill aspirations of people, Sitharaman said in her Union budget speech, she said, "Our people should be gainfully employed. Our businesses should be healthy, for all minorities, women and people from SCs and STs. This Budget aims to fulfil their aspirations."
"With renewed vigour, under PM's leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy," she added.
40 crore GST returns were filed in the financial year 2020-21. A simplified return format for GST is being introduced from April 2020, she said
It is worth mentioning that the gross GST collection in the month of January stood at Rs 1,10,828 crore. This is the only second instance since the introduction of GST that the monthly revenues have crossed Rs 1.1 lakh crore.
Ahead of her speech, Sitharaman paid homeage to the former finance minister Late Arun Jaitley for implementing GST.
"I pay homage to visionary leader Late Arun Jaitley, the chief architect of Goods and Services Tax. GST has been the most historic of the structural reforms. GST has been gradually maturing into a tax that has integrated the country economically," Sitharaman said.
Goods and Services Tax came into effect from July 1, 2017.
Posted By: James Kuanal