Page 14 - Banking Finance November 2022

ROUNDUP

would hit the $5.36-trillion mark, enue leakages and improve compli- India is the innovation leader in the
higher than Japan's at $5.17 trillion. ance. lower middle-income group. It contin-
That year, India would become the ues to lead the world in ICT (informa-
The GST Council had decided to imple-
third-largest economy. tion, communication and tech) ser-
ment electronic invoice in a phased
vices exports and holds top rankings in
manner. The aim is to bring all the
Tata Steel to merge 7 enti- small businesses under the formal other indicators, including venture
capital receipt value, finance for
economy. "As per the GST Council rec-
ties into itself
ommendation, e-invoicing will become startups and scaleups, graduates in
In a bid to drive efficiency and cut op- science and engineering, labour pro-
mandatory for businesses over Rs 5
erational cost, Tata Steel has decided ductivity growth and domestic indus-
crore turnover from January 1," the
to merge seven subsidiaries, including try diversification, according to the
official said.
four listed entities with itself. The WIPO report.
E-invoicing uses a standardised format
Board of Directors of all the Tata
Steel group companies have approved that a machine can read.
Winners of online games
the schemes for the proposed amal- It would help in syncing sales data of a
must pay taxes
gamation. small business vendor and large corpo-
rate clients, which is used to claim tax The Income Tax Department has
Reacting to the development, the four
credit. This, the official said, would help urged 'winners' of an online gaming
listed companies that are being
in swift detection of false ITC claims, platform (who won about Rs. 58,000
merged into Tata Steel tanked be-
tween 5-12 per cent. Tata Steel Long broaden GST base and improve compli- crore during the last three years) to file
ance. revised return and pay the required
Products fell by 12 per cent to Rs. 659,
taxes. CBDT Chairman Nitin Gupta
while TRF and Tata Metaliks were
said, the department has found data
down five per cent each at Rs. 356 and India's ranking up 6 spots
on the 'winners' in three fiscal years
Rs. 763. Tinplate Company dipped six
to 40th in Innovation in- (FY20, FY21 and FY22). However, he
per cent at Rs. 318. However, shares
of Tata Steel closed flat with a gain of dex refused to name the company, citing
the confidentiality clause of the I-T
one per cent at Rs. 104. India has entered the top 40 econo-
Act, but said it is an Indian company.
mies in the 2022 global innovation in-
E-invoice must for busi- dex, jumping six places from last year "The taxpayer should come forward
and bagging the top position among 36 voluntarily and it is the best thing.
nesses with over Rs. 5crore
lower middle-income group econo- Some may have earned more and
turnover a year mies. It also topped the list of 10 some less, some might have earned in
economies in central and South Asia. millions and some in small amounts,"
Businesses with annual turnover of
he said. Not filing the return could re-
over Rs 5 crore will have to move to Switzerland, the US, Sweden and the
sult in a department action. The new
einvoicing under goods and services tax Netherlands are the world's most inno-
scheme allows an assessee to file re-
(GST) from January 1. The GST Net- vative economies, according to the
turns for earnings that could not be
work has asked its technology provid- Global Innovation Index (GII) unveiled
included in the original return.
ers to make the portal ready to handle by the World Intellectual Property
the increased capacity by December, Organisation (WIPO). India and Turkiye This will be allowed for the last two AYs
a government official privy to the de- have entered top 40 for first time. but with an additional payment of 25-
velopment. 50 per cent of dues. "No expenses are
"Innovation is the buzzword across India.
allowed. If you have lost the game,
The official said the target is to bring Proud of our innovators. We've come a
nothing is allowed. Each win is taxed.
all businesses with turnover above Rs long way and want to scale even newer
It is like lottery. Loss cannot be adjusted
1 crore under this framework by next heights," Prime Minister Narendra Modi
against the win," Gupta clarified. This
fiscal year, which will further plug rev- said on micro blogging site Twitter.

14 | 2022 | NOVEMBER | BANKING FINANCE