Hyderabad, Feb 16: Union Finance Minister Nirmala Sitharaman on Sunday held an interactive session with Trade and Representatives of Industry on Budget 2020-21.
Speaking on the occasion, the Finance Minister stressed on the Prime Minister's idea to reach out to the common man and explain the budgetary provisions in the way it is clear to them.
It is the first time that the Finance Minister is going around along with the entire team of the Finance Ministry in full day’s engagement, an official statement here said.
Questions were raised in the morning session by the trade representatives on various issues including import of machinery for use in poultry industry, classification of locomotive parts, double taxation resulted due to Clean Environment Cess, restriction of ITC to 20 per cent / 10 per cent, technology issues relating to revocation of cancellation of registration, Dividend Distribution Tax, need for exemptions for Sports equipment, charging of interest on the gross liability of GST instead of net cash payment, SVLDRS, taxation of real estate.
The queries were clarified by the Finance Minister and Secretaries of Finance Ministry. Further,the Finance Minister had an interactive session with Economists, Professors, Professionals and addressed the press and media.
The Finance Minister stated that many initiatives have been taken with regard to MSMEs by taking into consideration of all the concerns of MSMEs and the Government is very much inclined to encourage MSMEs. With reference to charging of interest on gross GST liability, it was clarified that amendment has been brought in in the CGST Act and it will come into operation once all the States pass amendment to their respective GST Acts.
Regarding reduction of GST Rates, the Finance Minister stated that State Governments should be impressed upon the need for the same and that the Government has to look into the fact that there are no issues of inverted duty structure. (UNI)