Page 13 - Banking Finance November 2020

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INDUSTRY

NEWS
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NEWS

E-invoice can become a of details of specified GST documents most indebted country after Bhutan
on a government-notified portal and and Sri Lanka and worse off than
medium for bank loans obtaining a reference number. Bangladesh, Pakistan, and Nepal.

Finance Secretary Ajay Bhushan The 641 lakh eWay bills generated last According to the WEO database,
Pandey hopes the growth in GST col- month were the highest in a month Pakistan's public debt to GDP is likely
lections will continue, and that e-in- over the "two-and-a-half-year journey to be 87.2 per cent in 2020 while the
voicing will become a medium for avail- of the eWay bill system", said the Na- ratio will be around 40 per cent in the
ing of bank loans.
tional Informatics Centre (NIC) in a case of Bangladesh and Nepal.
He said indirect taxes, particularly statement. In per capita terms, every Indian has
GST, have been recovering. "With fur-
Over 495 lakh e-invoices were gener- a debt of $1,674 against Bangladesh's
ther improvement in indirect taxes, we ated on the NIC portal by 27,400 tax- $748 and around $1,100 in the case of
hope there will be some positive im- payers last month, it added. Every Pakistan.
pact on direct taxes." E-invoice can be company with a turnover of Rs. 500
basis for lending. Banks can judge the crore or more is required to generate SEBI sets up market data
potential of a borrower based on e-in- e-invoices since October 1.
voice, which has information on receiv- panel
ables, he said. Public debt to GDP ratio SEBI has set up a standing committee
to recommend a policy on access to
May reach 90% non-personal data related to the finan-
eWay bill generation hits a
India's public debt to gross domestic cial securities markets, the regulator
new record product (GDP) is likely to increase to a announced. Named the "Market Data
The Centre said October saw an all- record high of 89.3 per cent in 2020, Advisory Committee (MADC), it will
time high in eWay bill generation, at breaking the previous high of 84.2 per recommend regulations on data pri-
641 lakh. Also, e-invoice generation cent in 2003. vacy and data access.
reached 495 lakh in the first month of The ratio was 72.3 per cent in 2019 SEBI's move comes in the absence of
implementation. and 68.8 per cent five years ago in legislation governing non-personal
An eWay bill shows goods were moved 2015, according to the data from the data (NPD) in the country - earlier this
to a place after the requisite tax pay- International Monetary Fund World year, an expert committee had recom-
ment. It is mandatory for the move- Economic Outlook (WEO). This makes mended a framework for the same.
ment of goods worth Rs. 50,000 or India the most indebted major The markets regulator has set up the
more, and its numbers are seen as a economy after Brazil and Argentina standing committee as it believes that
high-frequency economic indicator. among the emerging markets. NPD - which it dubs as "non-private
E-invoicing is the electronic reporting In South Asia, India now becomes the data" - within the Indian securities

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