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Prez emphasies need of simplifying taxation procedure

Prez emphasies need of simplifying taxation procedure

New Delhi, Jun 20 (UNI) President Ram Nath Kovind said on Thursday emphasized the need of further simplifying the process of taxation and said it plays an important role in accelerating economic development.

In an address to the joint sitting of both the Houses of Parliament, Mr Kovind said exemption to persons earning up to Rs 5 lakh from payment of income tax is an important step in this direction.

He said similarly, indirect tax system was also being made simple and effective. With the implementation of GST, the concept of ‘One country, One tax, One market’ has become a reality. Efforts to further simplify the GST will continue.

“Keeping in view the interests of small traders, my Government has launched a new pension scheme for them. ‘National Traders Welfare Board’ will be constituted shortly, and ‘National Retail Trade Policy’ will be formulated to promote retail business.

“Accident insurance of up to Rs 10 lakh will also be provided to all traders registered under GST,” he added.

On the MSME sector, the President said several steps have been taken to ensure smooth cash flow to enterprises run by small entrepreneurs.

In order to ensure that entrepreneurs associated with MSME sector did not face any problem in accessing credit, Mr Kovind said the credit guarantee coverage is being enhanced to Rs 1 lakh crore.

UNI SW AE 1357

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