Nirmala Sitharaman lauds Bengaluru’s Budget inputs

Bengaluru actively participated in the preparation of Union Budget 2020-21 proposals by offering thoughts and valuable inputs, said Union Finance Minister, Nirmala Sitharaman.

According to her, after the submission of the Budget it was important for her to go around the country to meet people and industry and trade representatives who provided inputs for the Budget. Addressing a large audience of businessmen and tax professionals here on Monday, she said, “Some require explanation or more clarity. Budget is the growth blueprint of the country for the next five years.”

Mohandas Pai said the country was fast becoming a digital economy and clarity around tax was still a big issue. “Please remove surcharge on capital gains. There is 28% tax on unlisted stock that is not liquid and, therefore, it comes with high risk. This has to be equated with listed stock and tax has to be reduced to 15%. No other country has such a tax structure. If this continues, businesses won’t be able to get capital, especially when the country will require capital to the tune of $100 billion by 2025,” he said.

Responding to an industry request for extension of compliance deadline for e-invoice for GST, the Finance Minister said the decision was taken some eight or nine months ago by the GST Council and there was enough time for the transition. From April 1, e-invoice will be made mandatory in the country for companies that are in the ₹100-crore revenue range and firms that comply will also be able to generate tax returns online automatically.

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Printable version | Apr 9, 2020 2:12:40 PM |

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