Universal e-invoice a perfect scenario however tough to set a timeframe, states CBIC Chief Vivek Johri

Vivk Johri, Chairman of Central Board of Indirect Taxes & Customs (CBIC), feels universal e-invoice is a perfect circumstance, however it is challenging to set a timeframe for carrying out that thinking about the a great deal of assesses. In an interview with businessline, he stated that rate rationalisation workout is “tough” specifically when collection is excellent. Excerpts from the interview: With 1.5-1.6 lakh crore of month-to-month GST collection ending up being the brand-new regular, the huge concern is when we will see rate rationalisation? A Group of Ministers (GoM), under the Chairmanship of the then Chief Minister of Karnataka, has actually currently provided on 2 of 3 regards to referral. Among them has to do with correction in inverted responsibility structure (IDS) and 2nd on exemptions both for products and services. Based upon the suggestions, IDS associated with some products such as mobile handset, shoes and a few of renewable resource items has actually been remedied. Some of the exemptions have actually been withdrawn and some of them customized. Now, the only problem that stays to be attended to is general rationalisation of rates. My expectation is that the GoM will be reconstituted now. Just then, some choice can be taken about how it will occur. There would be issues about doing it in a ma
Learn more