Union Finance Minister Arun Jaitley is gearing up to present the fifth budget of Prime Minister Narendra Modi-Led government on February 1.This last budget before Lok Sabha elections 2019 is very crucial especially for the Banking, Financial Services and Insurance (BFSI) Sector.
Expressing his expectations in this regard Punit Jain, CEO at Nelito Systems, shares some key insights.
Explaining the role portrayed by various reforms undertaken by the government, he said, “Due to the focus on demonetisation and cashless transactions digital payments should be encouraged by Government for financial inclusion. This can be achieved by in many ways like lowering the Tax and GST for software’s which goes to Micro-Finance Institutions (MFIs) and Co-Operative banks.”
He further explained, “Currently start-ups have to submit Goods and Service Tax (GST) every month and to mitigate their inconvenience the GST filling norms for all business should be uniform. Pacs automation is yet to take off which was decided in the last budget, so there should be a concrete timeline set for this.”