Minister of State for Finance and Corporate Affairs Anurag Thakur said the government has raised anxiety over fake invoices being generated in the business-to-business (B2B) segment which is impacting Goods and Services Tax (GST) mop-up. He also said this under-reporting has become a challenge for the government. Citing the recent faceless assessment of income tax started by the government, he assured the industry that the government would bring more transparency in the system.
The minister further said ‘i promise you more changes in the system, which would be transparent and more accountability. We would be more than happy to help the industry to grow, to make more transparent system in place and I am sure you can also help us by bringing more investments.’ He also said “Real estate to automobile to manufacturing, we have taken landmark decisions and will continue to support sectors across the spectrum to achieve the target of a $5 trillion economy.’
Meanwhile, Thakur asked the appliances and consumer electronics industry to tackle e-waste generated from products. He noted that India generates 1.85 million tonnes of e-waste annually. He stated that the role of companies does not end when a product is sold and added that corporates have a responsibility towards tackling the issue of e-waste which is a global challenge.