New Delhi: A simplified return format for GST is being introduced from April 2020, Finance Minister Nirmala Sitharaman said today.
In her second Budget presentation, the finance minister said GST has resulted in gains of Rs 1 lakh crore to consumers and removed inspector raj and also helped the transport sector.
“Average household now saves 4 per cent in monthly expense after the rollout of GST,” Sitharaman said, and added that the Budget for 2020-21 aims to fulfil aspirations of people.
‘India now 5th largest economy globally’
India is now the fifth largest economy in the world and the Central government debt has reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014, Nirmala Sitharaman said.
Presenting the Union Budget for 2020-21, she said growth of 7.4 per cent was surpassed in 2014-19 with average inflation of 4.5 per cent.
The Finance Minister also listed out various welfare schemes like affordable housing, direct benefit transfer (DBT) and Ayushman Bharat.
‘India uplifted 271 mn people out of poverty’
India has uplifted 271 million people out of poverty, the Finance Minister said.
In her second Budget presentation, she said the Budget for 2020-21, is woven around aspirational India, economic development and caring society.
The government aims to achieve seamless delivery of services through digital governance, she added.
“We shall strive to bring ease of living for every citizen,” Sitharaman said.