Union Budget 2020-21: GST has gradually matured into a tax integrating the country economically, says Sitharaman

WION Web Team
New Delhi, Delhi, India Published: Feb 01, 2020, 11:11 AM(IST)

Nirmala Sitharaman Photograph:( ANI )

Story highlights

Budget 2020-21: GST has been gradually maturing into a tax that has integrated the country economically, the finance minister added.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

Also Read: Union Budget 2020-21 Live News Updates

"GST has been the most historic step taken by the government," Sitharaman said. "India transitioned from a multi-system indirect tax regime to a "simplified GST"," the minister added.

"India is now the fifth-largest economy in the world," the minister said.

"GST has been gradually maturing into a tax that has integrated the country economically," the finance minister added.

"Inflation is well contained," the finance minister said. "Fundamentals of the economy are strong, banks have cleaned up accumulated loans," the finance minister said.

The finance minister said the Union Budget has been based on aspiration, development and compassion.

Highlights:

*Total of 40 crore GST returns filed.

*Rs 99,300 crore allocated for Education. 

*60 lakh new taxpayers added.

*Central debt down from 48.7 in 2014 to 52.2 in 2019. 

*Agriculture credit target set up at Rs 15 lakh crore for FY21. 

*Indian Railways to set up Kisan Rail in PPP mode for cold supply chain to transport perishable goods.

*Horticulture with 311 metric ton exceeded production of food grains.

*NABARD to map and geo-tab 162 mn tonne capacity agricultural warehouses across the country.

*Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations.

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