The government expressed worry over the generation of false invoices in the business-to-business (B2B) segment, which is affecting GST collecting.
Under-reporting has become an issue for the government, according to Anurag Thakur, Minister of State for Finance and Corporate Affairs.
“Not just the government, but also the private sector, must play an essential role. We are seeing a lot of false invoicing in GST, and it is from business to business “Thakur stated this during the Consumer Electronics and Appliance Manufacturers Association’s annual meeting.
“The second chapter is B2C. We notice a lot of false invoices in B2B, which makes increasing GST collection difficult “He said.
The minister also told the industry that the Centre will increase openness in the system, highlighting the government’s recent impersonal assessment of income tax.
“Many industry executives discussed harassment. We discussed the faceless evaluation in India, and within a month of Vijayadashami this year, we began and assigned 58,322 instances for the first round of assessments “He stated.
“I guarantee you further systemic reforms that will be more open and accountable. We would be delighted to (assist) the industry is growing and putting in place a more transparent system, and I am confident that you can assist us by bringing in additional investments “The minister said.
He also asked the business to help India become a $5 trillion economy.
“From real estate to automobiles to manufacturing, we have made historic decisions and will continue to assist industries across the spectrum in order to accomplish our goal of a $5 trillion economy,” Thakur added.
Meanwhile, Thakur has requested that the appliance and consumer electronics industries address e-waste created by their goods.
“Every year, India creates 1.85 million tonnes of e-waste. Companies’ roles do not cease when a product is sold. Corporates must take responsibility for addressing the worldwide problem of e-waste “added the minister.
