India’s economy is expected to be a key driver for Asia and global growth, with Moody’s predicting it may be the fastest-growing G-20 economy in the next five years. However, reforms and policy barriers could hinder investment. The services sector has maintained its momentum, with strong consumption demand helping expansion in private capex. The drive to verify registration has begun to curb cases of fake invoices, fraudulent input tax credit, and tax evasion. CBIC has lowered the e-invoice threshold from Rs. 10 crores to Rs. 5 crores of turnover and rolled out a module for automated GST returns scrutiny. The due date for Form GSTR-1 has been extended for Manipur State. GST collection has been higher in May 2023, crossing Rs. 1,50,000 crore.
Source Taxguru
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