The Union Government proposes to have a simplified return for Goods and Services Tax. This will be introduced from April 2020.
In her Budget presentation, Finance Minister Nirmala Sitharaman said, annual household saved 4 per cent income as a result of GST.
She admitted that the innovative GST did face certain challenges initially. However, the GST Council was proactive in solving the issues, she added.
Over the period, GST has succeeded in 'maturing' and has helped 'formalisation of the economy'.
With the introduction of GST, inspector Raj was done away with, she added.