The key highlights of the Interim Budget 2019-20 for GST presented by the Union Minister for Finance
· GST made India a common market
· GST led to increased tax base, higher collections and ease of trade
· Inter-state movements now faster, more efficient, and hassle free
· Responsive and sensitive reduction of tax rates – Most items of daily use now in the 0% or 5% tax slab
· Relieving the businesses and service providers-
o Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh
o Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file one annual return only
o Small service providers with turnover upto Rs.50 lakhs can opt for composition scheme and pay GST at 6% instead of 18%
o Soon, businesses comprising over 90% of GST payers to be allowed to file quarterly return
· Encouraging GST revenue trends – The average monthly tax collection in the current year is Rs. 97,100 crore per month as compared to Rs. 89,700 crore per month in the first year
Source: PIB