Indian textiles industry is expecting the Union Budget 2020-21 to be more focused with new financial allocations to strengthen the sector, especially the MSME segment.
Goods and Services Tax (GST) collection may hit a record Rs 1.15 lakh crore in January, while the shortfall in gross direct tax collections may be only Rs 11,000 crore in the first 10 months of the current financial year as compared to same period last year, two government officials familiar with the matter said on condition of anonymity.
NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed.
It is generally believed and argued by most economists that a rapid growth of exports leads to higher economic expansion.
Budget 2020 India: Ease in GST filing will greatly benefit SMEs even as the GST council has taken several steps to simplify the process over the past couple of years.
Union Budget 2020 India: With persistent domestic and external headwinds in the last year, there is an expectation of strong and robust measures being announced in the upcoming budget to support economic revival, and boost sagging growth.