Page 11 - Banking Finance January 2024

ROUNDUP

The majority of survey participants-84 AM/NS India claims to have achieved customers in an effort to find more
percent of consumers and 77 percent a 32% decrease in CO2 emissions inten- affordable and environmentally friendly
of businesses-felt that it was now easy sity by December 2022 from 2015 lev- ways to deliver goods. The e-com-
to verify the status of a refund. els, and it has a current capacity of 9 merce giant and the Inland Waterways

"The extensive measures, which have million tonnes per year. The business Authority of India (IWAI) inked a
been introduced by the government in anticipates great potential for memorandum of understanding (MoU)
the recent years to streamline, simplify maximising the utilisation of steel in order to achieve this.
and automate the taxation regime waste during steelmaking. "Because inland waterways are a far
have borne rich dividends as is evident more sustainable choice than roads or
from the upbeat survey results on as- 70% of the Rs. 16 trillion rail, the idea behind them is to be able

sessing speed and efficiency of income direct tax collection in to lower transportation costs and their
tax refunds conducted by CII," said R environmental impact.
Dinesh, president of the industry FY23 comes from 4 states.
A developed water network is the least
organisation. According to figures submitted in Par-
expensive mode of transportation, so
According to the report, an astound- liament by the Finance Ministry, sev- this will also benefit Amazon's costs as
ing 87% of people and 89% of busi- enty percent of the total net direct tax a company "How do you make it a vi-
nesses think that filing for an income receipts of Rs 16.27 lakh crore in the able alternative not just for bulk car-
tax return is a convenient process. financial year 2022-2023 came from riage but also for time-sensitive
Maharashtra, Delhi, Gujarat, and
deliveries...that's what this MoU is
Arcelor Mittal is establish- Tamil Nadu. aimed at," said Abhinav Singh, vice-

ing three scrap yards. In response to a written question from president of operations at Amazon
CPI(M) Rajya Sabha MP John Brittas, India.
Major Indian steel companies are ex-
Maharashtra's net direct tax collection
pecting challenges in meeting their in 2022-2023 was Rs 6.14 lakh crore,
scrap requirements through imports, In two to three years, the
the highest of any state. Delhi col-
therefore ArcelorMittal Nippon Steel government might require
lected Rs 2.12 lakh crore, Karnataka
India (AM/NS India) plans to open collected Rs 2.05 lakh crore, and Tamil e-invoices for B2X deals.
three dedicated scrap-processing
Nadu collected Rs 1.07 lakh crore. In the next two to three years, the
plants in Gujarat and Maharashtra.
Five states made up roughly half of all government would probably mandate
By December 2024, three centers-one
the states' shares of the Goods and that companies conducting business
at the flagship facility in Hazira, an- with consumers generate electronic
other in Ahmedabad, and the third in Services Tax (GST) when it came to in-
direct taxes as well. invoices, or e-invoices.
Khopoli, Maharashtra-will receive in-
vestments totaling roughly Rs. 100 According to the response, in the fis- Presently, companies who generate an
crore from AM/NS India. By cal year 2022-2023-Maharashtra, e-invoice for their business-to-business
maximising the use of steel scrap, Uttar Pradesh, Tamil Nadu, Gujarat, (B2B) sales and purchases must have
these investments will also assist the and West Bengal contributed more a revenue of at least Rs. 5 crore.
corporation in meeting its carbon-emis- than 45% of the states' total GST rev- The e-invoice mandate will soon also
sion reduction targets, the statement enue of Rs 7.7 lakh crore. apply to business-to-consumer transac-
stated. tions, according to government plans.
ArcelorMittal Nippon Steel India CEO Inland waterways will be GST (goods and services tax) member
Dilip Ompon stated, "Our goal is to used by Amazon for deliv- of the Central Board of Indirect Taxes
sharply expand the scrap mix while and Customs (CBIC), Shashank Priya,
concurrently decreasing reliance on eries stated that e-invoicing is being worked
steelmaking from primary raw mate- Amazon is planning to use interior on to put business-to-consumer (B2C)
rials like iron ore and coal." waterways in India to ship items to interactions under the GST system.

10 | 2024 | JANUARY | BANKING FINANCE