Page 12 - Banking Finance June 2023

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Personal Tax to GDP Ratio Registration Portal (IRP) within 7 days Aadhaar-linked email, no.
of the issue of such invoices beginning
rises to 2.94% in FY22 can be verified
May 1.
Personal income tax as a percentage Unique Identification Authority of India
Previously, there was no such restric-
of GDP has gone up from 2.11 per cent (UIDAI) will allow users to verify their
tion for businesses to upload the in-
in 2014-15 to 2.94 per cent in 2021-22 mobile numbers and email IDs that are
voices on the IRP.
fiscal, indicating that taxpayer base is seeded with their Aadhaar, in order to
widening as a result of the steps taken ensure that OTPs and other verifica-
AIR no more, it's Akashvani
by the present government led by
tions land in the right address.
Prime Minister Narendra Modi. At a now
review meeting with the Central Board It had come to the notice of the UIDAI
India's public service broadcaster that in some instances, residents were
of Direct Taxes (CBDT), finance minis-
Prasar Bharati has decided to drop not aware/sure about that which of
ter Nirmala Sitharaman was apprised
references to its radio service as 'All their mobile numbers is seeded to their
about the impact of various steps
India Radio' and substitute it with Aadhaar. They were worried that
taken by the apex direct tax body to
'Akashvani', said an internal order is- Aadhaar OTP might be going to some
widen taxpayer base, the finance min-
sued. other number. Now, with this facility,
istry said.
"This is a very old decision of the gov- the residents can check these quite
The ministry said the personal Income
ernment which was not easily.
Tax (PIT), which is paid by individuals,
operationalised earlier. We are now
to GDP ratio has been steadily increas-
operationalising it," said Prasar
ing from 2.11 in FY 2014-15 to 2.94 in India and Russia suspend
Bharati CEO Gaurav Dwivedi.
FY 2021-22.
talks to trade in rupees
The Prasar Bharati (Broadcasting Cor-
Russian officials have rubbished claims
GSTNe-invoice implemen- poration of India) Act, 1990, mentions
about a suspension of rupee trade
that 'Akashvani' means the offices, sta-
tation defers talks, dubbing it "wishful thinking" by
tions and other establishments, by
GSTN has deferred by 3 months the western media. India and Russia have
whatever name called, which, imme-
implementation of time limit for busi- now been engaged in talks for a rupee
diately before the appointed day,
nesses with turnover of over Rs 100 trade settlement mechanism for over
formed part of or were under the di-
crore to upload their old e-invoices. a year. However reports suggested
rector-general, All India Radio, of the
that months of negotiations had ulti-
Last month the GST Network had im- Union ministry of information and
mately failed to convince Moscow to
posed a timeline for businesses with broadcasting. The Prasar Bharati Act
keep rupees in its coffers.
turnover of Rs 100 crore and above for came into force on November 15,
uploading e-invoices on the Invoice 1997. "No change in bilateral developments,
BANKING FINANCE | JUNE | 2023 | 11