The Ministry of Finance predicts that macro stability will support economic growth, but global financial issues could affect growth in the 2023-24 financial year. Fitch Ratings maintains India’s BBB- rating with a stable outlook and predicts an increase in investment growth. India’s GDP growth is projected to be between 5.9% and 6.5% by various agencies. The Calcutta High Court has ruled that recipients of services can also seek advance rulings under GST law. The Finance Ministry has referred an insurance industry plea for relief from GST input tax credit violations to the IRDAI. The CBIC will conduct a two-month drive to identify fake registration cases starting from May 16, 2023, and has extended the GTA option date for forward charge to May 31, 2023. E-invoices will be mandatory for invoices of Rs. 5 crore and above from August 1, 2023. The April 2023 GST collections reached an all-time high of Rs. 1.87 lakh crore, but e-way bill generation decreased to 8.44 crore.
Source Taxguru
