Simplified return format for GST from April 2020: FM

New Delhi, Feb 1 (KNN) From April this year, a simplified return format for GST will be introduced, Finance Minister Nirmala Sitharaman said in her Budget Speech.

In her second Budget presentation, the finance minister said GST has resulted in gains of Rs 1 lakh crore to consumers.

"Average household now saves 4 per cent in monthly expense after the rollout of GST," Sitharaman said.

She said GST has led to formalisation of the economy and it has helped in vanishing the dreaded 'inspector raj' of the past.

It has also resulted in efficiency gains in the transport and logistics sectors.

Terming her predecessor, Arun Jaitley, as the 'architect of GST', Sitharaman said that GST is an historic structural reform and has resulted in Rs 1 lakh crore gains to consumers and helped transport and logistics sectors.

GST was introduced by late finance Minister Arun Jaitley, which came into effect from July 1, 2017.

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