With beginning her Budget speech on Saturday (1 February), Union Finance Minister (FM) Nirmala Sitharaman paid homage to former FM and BJP veteran Arun Jaitely, crediting him for Goods and Services Tax (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,” the FM said.
Further, while naming certain benefits from GST, she said “GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST.”
The budget comes at a time when the Indian economy is bracing through a slowdown. The nation awaits to listen what FM Sitharaman and her team at the Ministry have packed in the budget's edition to reinvigorate the animal spirits of the economy.
There are wide speculations over the possibility FM Sitharaman announcing of cuts in personal income tax rates and announcement of major reforms in factor markets to boost demand in the economy, and to ensure sustained growth and investments in the years to come.
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