Govt raises concern over pretend invoicing in B2B commerce impacting GST collections; Centre to carry extra transparency in system
New Delhi: The federal government on Friday raised issues over pretend invoices being generated within the business-to-business (B2B) phase which is impacting GST collections.
This under-reporting has develop into a problem for the federal government, Minister of State for Finance and Company Affairs Anurag Thakur stated.
“It is not only the government, it is also the industry which also has to play an important role. In GST, we are seeing a lot of fake invoicing and it is from business to business,” Thakur stated on the annual session of Shopper Electronics and Home equipment Producers Affiliation.
“B2C is the second chapter. In B2B, we see a lot of fake invoices, which is a challenge to increase the GST collection,” he added.
The minister additionally assured the business that the Centre would carry extra transparency within the system, citing the latest faceless evaluation of earnings tax began by the federal government.
“Many industry leaders talked about harassments. We have talked about the faceless assessment in India and within a month from Vijayadashami this year, we have started and given 58,322 cases for the first set of assessments,” he stated.
“I promise you more changes in the system, which would be transparent and more accountability. We would be more than happy to (help) the industry to grow, to make more transparent system in place and I am sure you can also help us by bringing more investments,” the minister added.
He additionally requested the business to contribute in direction of making India a $5-trillion financial system.
“Real estate to automobile to manufacturing, we have taken landmark decisions and will continue to support sectors across the spectrum to achieve the target of a $5-trillion economy,” stated Thakur.
In the meantime, Thakur additionally requested the home equipment and client electronics business to sort out e-waste generated from merchandise.
“India generates 1.85 million tonnes of e-waste annually. The role of companies does not end when a product is sold. Corporates have a responsibility towards tackling the issue of e-waste which is a global challenge,” the minister stated.
Firstpost is now on WhatsApp. For the newest evaluation, commentary and information updates, join our WhatsApp providers. Simply go to Firstpost.com/Whatsapp and hit the Subscribe button.
Particular Thursday Expiry on 10th seventh Nov
Early Closure to The Nice Diwali Low cost
Final Likelihood to get Moneycontrol Pro for a yr @ Rs. 289/- solely
Coupon code: DIWALI.
Discover newest and upcoming tech devices on-line on Tech2 Gadgets. Get know-how information, devices evaluations & rankings. Well-liked devices together with laptop computer, pill and cell specs, options, costs, comparability.