Reduction in GST on automobiles, Telecom, Banking exempted from GST e-invoices, nine-point plan to plug GST revenue leaks
Certain large businesses may be exempt from e-invoicing, the GSTN freezes a nine point plan to curb revenue leaks and companies might start receiving notices as the Government begins a GST returns audit for FY 2017-18.
SIAM calls For Reduction In GST On Automobiles To 18%
The Society of Indian Automobile Manufacturers (SIAM) has pitched for a reduction in the GST rate applicable to automobiles to 18% from its current 28%. These recommendations from SIAM come after reports of India's slow down in the automobile industry. SIAM has also suggested voiding the customs duty of 5% on Lithium-ion cells to allow the manufacturing of the batteries in India.
Banks, telecom companies, insurers may be exempted from GST e-invoices
In an unconfirmed report, businesses involved in direct customer interaction on a large scale may be exempted from filing their e-invoices. This could include banks, airlines, insurance companies, armed forces and telecom service providers.
Nine-point plan firmed up to plug GST revenue leaks
A report stated that the GSTN set up a nine point plan to curb revenue leaks. This would include setting up a panel with tax officials from Centre and States who will draw up a standard operating procedure for tackling refund frauds. This plan was finalised after a meeting of State and Centre GST chief commissioners chaired by revenue secretary, Ajay Bhushan Pandey.
Government begins audit of GST returns for FY 2017-18
The Government has begun a nation-wide audit of GST returns for FY2017-18 and has begun sending notices to companies across verticals seeking details on GST and income tax returns. The Government is seeking to examine the details of business agreements on purchase and sales, sample copies of invoices and bills for the period of audit, returns of both taxes and on taxes deducted at source, input service invoices, cost audit reports, electronic cash/credit ledgers etc.
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