NEW DELHI: The government is looking into a proposal from the Central Economic Intelligence Bureau (CEIB) to bring fraudulent input credit tax, claimed by companies generating fake invoices of Goods and Services Tax, under the stringent Prevention of Money Laundering Act (PMLA) by making it a predicate offence punishable with rigorous imprisonment.
Going forward, businesses will be required to generate full electronic-tax invoice or e-invoice recording entire value of sales.
GST officers are working on a system where businesses above a certain turnover threshold will have to generate 'e-invoice' on government or GST portal for every sale, thereby effectively reducing the room for tax evasion.
MUMBAI: In a move to tackle fund diversion, the Reserve Bank of India (RBI) has proposed sterner rules on opening and running of current accounts of corporate borrowers.
Sanjay K Jain, Chairman, Confederation of Indian Textile Industry (CITI), stated that the Cotton Advisory Board (CAB), had estimated the Cotton Crop to be 361 lakh bales on 22nd November 2018.
Indian economy will grow below its potential in 2019-20, according a report from the Hong Kong-based The Economist Intelligence Unit (EIU).