Team Blitz India
NEW DELHI: In two significant measures to curb tax evasion and increase compliance under the Goods and Services Tax (GST) regime, the Government has decided to lower the threshold for businesses to generate e-invoice for business-to-business (B2B) transactions to Rs 5 crore from Rs 10 crore and has rolled out the automated return scrutiny module for GST returns in a backend application for central tax officers.
Amid rising instances of GST frauds and cases of fake invoices, these changes are expected to broaden the compliance mandate for more businesses, especially small and medium enterprises and also help boost the GST revenue collections.
Last week, Finance Minister Nirmala Sitharaman in a review of the Central Board of Indirect Taxes & Customs (CBIC) had given directions to roll out an automated return scrutiny module for GST returns at the earliest.
The module will enable the officers to scrutinise GST returns of centre-administered taxpayers selected on the basis of data analytics and risks identified by the system, newspapers reported on May 12 quoting a Finance Ministry statement.
The government also lowered the threshold for businesses to generate e-invoice for B2B transactions to Rs 5 crore from Rs 10 crore. The changes will come into effect from August 1, the ministry said in a notification dated May 10.