Friday, December 13, 2019

E-invoice will be mandatory for traders with turnover above 100 crore from April 1

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New Delhi. Revenue Secretary Ajay Bhushan Pand said in a press conference in Delhi on Friday that from April 1, 2020, it will be mandatory for traders with turnover up to Rs 100 crore to generate e-invoices for B2B transactions. He said that from January 1, 2020, it would be optional to generate e-invoices for B2B transactions to traders with turnover of more than Rs 500 crore. He said that e-way bill will not be required for e-invoices in future. Finance Minister Nirmala Sitharaman was also present in this press conference. Earlier, Chief Economic Advisor KV Subramanian informed about the steps taken by the government to accelerate the economy and make India a country of five trillion dollar economy.

Government took this step

- Approved realty fund of 25 thousand crore rupees for completing unfinished housing project.

- 10,530 crore rupees will be provided by the central government in this fund, while other funds will be arranged from 13 domestic financial institutions like HDFC Bank, SBI, LIC.

Credit expansion of Rs 60,314 crore approved through public sector banks. Equity infused at Rs 4.9 lakh crore. Of this, 2.2 lakh crore rupees were given to corporate, Rs 72,985 crore to MSMEs and Rs 39,453 crore to retail customers as loans.

- New system for honest decision making in banks.

- In the first two months, the public sector companies paid arrears of more than 61 thousand crores. The aim was to increase cash in the economy.

In the last two days, 17 proposals for credit guarantee of 7657 crore were approved. Apart from this, there are plans to approve proposals for credit guarantee of 20 thousand crores in the next two weeks.

- Approved proposals to give loans to non-banking finance companies (NBFCs) totaling Rs 4.47 lakh crore. Out of this, a pool of Rs 1.29 lakh crore was given to purchase the property.

- RBI has ordered all public sector banks to link the landing rate to the repo rate.

- Disbursement of 8.18 lakh loans worth Rs 72,201 crore linked to repo rate has been done till 27 November 2019.

- 5.06 lakh bill discounting of MSMEs has been approved till 15 November 2019. This has given a profit of Rs 12,698 crore to MSMEs.

Under the One Time Settlement Policy, public sector banks have approved Rs 16,716 crore.

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