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NEW DELHI : A simplified return format for GST is being introduced from April 2020, Finance Minister Nirmala Sitharaman said on Saturday.
In her second Budget presentation, the finance minister said GST has resulted in gains of ₹1 trillion to consumers and removed inspector raj and also helped the transport sector.
"Average household now saves 4% in monthly expense after the rollout of GST," Sitharaman said, and added that the Budget for 2020-21 aims to fulfil aspirations of people.
Sitharaman said India is now the fifth largest economy in the world and the Central government debt has reduced to 48.7% of GDP from 52.2% in March 2014.
Presenting the Union Budget for 2020-21, she said growth of 7.4% was surpassed in 2014-19 with average inflation of 4.5%.
Sitharaman also listed out various welfare schemes like affordable housing, direct benefit transfer (DBT) and Ayushman Bharat.