This step will result in revenue loss of ₹4,000 crore for the government, Sitharaman said in a reply to a question during her post-Budget press conference.
Presenting Union Budget 2019-20, Sitharaman said the government is further simplifying the GST processes. “A simplified single monthly return is being rolled out. Taxpayer having annual turnover of less than ₹5 crore shall file quarterly return. Free accounting software for return preparation has been made available to small businesses. A fully automated GST refund module shall be implemented. Multiple tax ledgers for a taxpayer shall be replaced by one.”
Further, under the Interest Subvention Scheme for MSMEs, ₹350 crore has been allocated for FY 2019-20 for 2 per cent interest subvention for all GST registered MSMEs, on fresh or incremental loans. (RKS)
Fibre2Fashion News Desk – India