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#Budget2019 GST: India Became One Common Market, Inter-State Movements Become Faster
Interim Finance Minister, Piyush Goyal. (Qamar Sibtain/India Today Group/Getty Images)
Piyush Goyal has stated that Goods and Services Tax (GST) is “undoubtedly the biggest taxation reform implemented since Independence”.
He added that via tax consolidation, India has become one common market, inter-state movements have become faster through e-way bills.
The GST tax reform, spearheaded by the Narendra Modi-led government in 2016, led to an increase of income tax returns filings, from 3.1 crore in 2017 to 5 crore in August 2018.
In its last meeting, the GST Council announced several measures to ease the burden on MSMEs like increasing the threshold limit for registration, increasing the turnover limit for the Composition scheme goods and opening the scheme for services and also allowing them to file taxes annually.
In January 2019, GST Collections crossed the Rs 1 lakh crore mark.
The Finance Minister said that the people of India gave a strong mandate to the government, under leadership of PM Narendra Modi and the government had responded back with structural reforms, reversed policy paralysis and restored the nation's image.
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