Budget 2020: FM Sitharaman says 60 lakh new taxpayers added in last 2 years

India Budget 2020 speech: The FM said that GST has been the most historic of the structural reforms, adding it has been gradually maturing into a tax that has integrated the country economically. She revealed that a total 60 lakh new taxpayers have been added in the last two years and as many as 40 crore income tax returns have been filed. The finance minister also informed the Lok Sabha that 105 crore e-way bills have been generated under the GST.

New Delhi: Finance Minister Nirmala Sitharaman on Saturday (February 1) tabled Union Budget 2020-21 in the Lok Sabha and paid homage to the late Arun Jaitley, the chief architect of Goods and Services Tax (GST). Sitharaman said that GST has been the most historic of the structural reforms, adding it has been gradually maturing into a tax that has integrated the country economically.

She revealed that a total 60 lakh new taxpayers have been added in the last two years and as many as 40 crore income tax returns have been filed. The finance minister also informed the Lok Sabha that 105 crore e-way bills have been generated under the GST. 

FM Nirmala Sitharaman said that GST has resulted in efficiency gains in the transport and logistics sector, and with it has vanished inspector raj. "The GST has benefitted Micro, Small & Medium Enterprises(MSME) and consumers have got an annual benefit of 1 lakh crore rupees by GST," she added.

Notably, the Central Board of Direct Taxes (CBDT) figures has also stated that refunds in FY 2019-20 were Rs 1.46 lakh crore as compared to Rs 1.19 lakh crore, an increase of 22.7%.

For income tax refunds, the income tax department has done away with the practice of issuing paper cheques as all refunds have been directly credited to the taxpayer's bank account. 

Earlier, the taxman used to issue refunds cheques in some cases but now it has been made mandatory to issue refunds only through the e-mode. Taxpayers have been asked to link their bank accounts with PAN so that the refunds can be processed.

Notably, the income tax department issued 43 lakh more refunds within 30 days in the FY 2019-20, compared to the previous year, which results in an increase of over 42 per cent.

FM Nirmala Sitharaman also recited a verse in Kashmiri. It translates in Hindi as, "Humara watan khilte hue Shalimar bagh jaise, humara watan Dal lake mein khilte hue kamal jaisa, nau jawanon ke garam khoon jaisa, mera watan tera watan, humara watan, duniya ka sabse pyara watan."

In English, the FM added, "our country is like a Shalimar garden, it is like a lotus on Dal Lake, as the warm blood of our youth and it is our best country in the world."