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GST has five amendments that would make compliance easier for MSMEs, says Sitharaman as she moves Finance Bill in LS

Updated: Jul 18, 2019 09:06:32am
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GST has five amendments that would make compliance easier for MSMEs, says Sitharaman as she moves Finance Bill in LS

New Delhi, July 18 (KNN) The Goods & Services Tax (GST) alone has as many as five different amendments that would also make compliance easier for the Micro, Small and Medium Enterprises (MSME) sector, said Nirmala Sitharaman, Union Finance Minister.

Addressing the Lok Sabha, Sitharaman said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha.

She said that amendments to laws are being made through the Finance Bill in five major categories, including in the GST.

Apart from seven Acts related to indirect taxation being amended, the government would also be bringing changes to seven laws related to direct taxation.

The changes would ensure that indirect taxation-related matter would have greater simplicity and be effective, she said.

About proposed amendments to direct taxation-related laws, Sitharaman said those are being done for furthering the agenda of Make in India, adding the country needs a lot more manufacturing activities.

She pointed that as many as eight Acts pertaining to financial markets, including Sebi Act, are being amended.

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