New Delhi: In a significant development on Saturday, Union Finance Minister Nirmala Sitharaman in her Union Budget 2020 speech announced a simplification in Goods and Services Tax (GST) return filing process from April. (Click here for all Union Budget 2020 news) Also Read - Three Themes of Union Budget 2020 | What Nirmala Sitharaman Said So far
Beginning her speech, the Finance Minister remembered her predecessor Arun Jaitley and paid homage to him for drafting the ‘historic’ GST, announcing that ‘a simplified return format for GST is being introduced from April 2020.’ Also Read - 10% Tax on Income Between Rs 5-7.5 Lakh, 20% to be Levied on Rs 10-15 Lakh | Highlights
Sitharaman, who is the country’s first full-time woman Finance Minister and is presenting her second Union Budget in that capacity as well as the second full Budget of the Modi 2.0 government, also announced that GST has resulted in Rs one lakh crore to customers, removing the inspector raj and also helping the transport sector. Also Read - Union Budget 2020: How Nirmala Sitharaman's Saree Colour Set Budget's Tone
“Average household now saves 4% in monthly expanse since the GST was rolled out,” said the Finance Minister, adding that the 2020-21 Budget aims to ‘fulfil aspirations of people.’
The Finance Minister’s announcement comes on a day it was reported that GST collection crossed the Rs one lakh crore mark for the third month in a row in January. The development marks the second time since the introduction of GST, on July 1, 2017, that the monthly revenues have crossed Rs 1.1 lakh-mark.
The collection, according to the reports, is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting earlier this month.