The Union Finance Minister in the budget 2021-22 announcement proposed the removal of 400 old exemptions citing the GST collections of the past few months. She also said that all possible measures to reduce anomalies will be taken.
This announcement comes a day after the Finance Ministry declared the GST collections for the month of January 2021 alone to be at Rs.1.19 lakh crore, the highest yet. Sitaraman said during the budget, “A record GST collections have been recorded in the last few months. As chairperson of the GST council, I want to assure the government will take every possible measure to reduce anomalies. The government is focused to further ease the process.” She added that the customs duty structure will be revised and free from any problems by 1st October 2021.
She also mentioned the revision of the definition of small companies.